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Crude Declines for 2nd Day as U.S. Drillers Add

Crude Declines for 2nd Day as U.S. Drillers Add

Gold Silver Reports ~ Crude Oil fell for a 2nd day, extending declines from a three-month high, as a rebound in U.S. drilling adds to signs producers will keep pumping crude amid a global glut.   

♦ Futures dropped as much as 1.1 percent in New York, adding to Friday’s 1.9 percent decline. U.S. Crude Oil drillers put one rig back to work last week, marking the first addition to the rig count since late last year, Baker Hughes Inc. said on its website on March 18. Explorers last added Crude Oil rigs in the week ending Dec. 18, when 17 were brought online.

♦ Crude Oil has recouped its losses this year after slumping to a 12-year low last month amid speculation stronger demand and falling U.S. production will ease a supply glut. Declines in shale output are contributing more to the rise in prices than talks between major crude-exporting nations on a potential production freeze, according to head of the International Energy Agency.

♦ West Texas Intermediate for April delivery, which expires Monday, fell as much as 44 cents to $39 a barrel on the New York Mercantile Exchange and was at $39.22 at 7:43 a.m. Seoul time. The contract lost 76 cents to $39.44 a barrel on Friday. Total volume traded was about 67 percent below the 100-day average. The more-active May future was 7 cents lower at $41.07 a barrel.

♦ Brent for May settlement was at $41.28 a barrel on the London-based ICE Futures Europe exchange, up 8 cents. The contract fell 34 cents, or 0.8 percent, to $41.20 on Friday. The global benchmark crude was at a premium of 21 cents to WTI for May.  ~ Neal Bhai Reports

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