Oil prices fall on rising US rig count, Illinois refinery outage [CNBC]
Phillips 66 (PSX)
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Source: CNBC
Oil prices fall on rising US rig count, Illinois refinery outage Oil prices fell on Monday as drilling activity in the United States picked up and a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit. Concerns about faltering economic growth curbing fuel demand also weighed on oil markets, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.17 per barrel at 0750 GMT, down 55 cents, or 1 percent, from their last settlement. International Brent crude oil futures were down 27 cents, or 0.4 percent, at $61.83 a barrel. In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday. 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
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