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Crude markets fall Friday as US drillers add more rigs

by ChemOrbis Editorial Team -
  • 12/09/2016 (16:01)
After rising last Thursday on the back of inventory data influenced by Tropical Storm Hermine, crude oil futures saw their biggest drop in more than a month on Friday. According to media reports, US drillers have put more rigs into service, the biggest return to activity in the last two years, which could sustain the glut in supply.

Crude oil prices have been volatile over the last few weeks as players have been reacting to news that oil-producing nations may consider a freeze in output levels. However, on Friday, Russia’s Kremlin officials said there was nothing in the immediate works on production talks. Russian Energy Minister Alexander Novak was quoted as saying, "As for the freezing of oil production, the discussion of this topic is not on the agenda."

Market players continue to watch US crude inventory levels and the possibility of an output freeze agreement in Algeria later this month.
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