Oil prices fall as U.S. rig count rise, trade concerns [CNBC]
Phillips 66 (PSX)
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Source: CNBC
Oil prices fall as U.S. rig count rise, trade concerns Jean-Paul Pelissier | Reuters prices fell by around 1 percent on Monday as drilling activity in the United States, the world's largest oil producer, picked up and financial markets were pulled down by trade concerns. A refinery fire in the U.S. state of Illinois, which resulted in the shutdown of a large crude distillation unit, that could cause crude demand to fall also weighed on prices, traders said. West Texas Intermediate (WTI) crude futures International Brent crude oil futures Companies added seven oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production, which already stands at a record 11.9 million bpd. WTI prices were also weighed down by the closure of a 120,000-barrels-per-day (bpd) crude distillation unit (CDU) at Phillips 66's Elsewhere, the head of Russian oil giant Rosneft, Igor Sechin, has written to the Russian President Vladimir Putin saying Moscow's
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