Oil prices were lower on Monday as signs of increasing U.S. supply outweighed confidence that OPEC and other international producers would stick to a deal to curb production output.
Global benchmark Brent Crude futures as well as WTI Crude were both down by about 3%, with the U.S. benchmark trading at around $52 a barrel and Brent around $55 a barrel.
The move in prices comes after Baker Hughes (BHI) says oil companies added four rigs over the past week for the 10th consecutive weekly build. The lucrative west Texas Permian Basin continues to be the focus of most producers. Natural gas producers also brought three rigs online, bringing the overall count up to 665.
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