Oil Slides On Signs Of Increased US Production

Crude oil prices fell Monday as traders bet last week’s big rally was well overdone.

Oct. WTI oil finished at $47.41/bbl, down $1.70, or 3.5 percent.

A report from Baker Hughes showing an unexpectedly large build in US rig count activity contributed to the drop in oil prices.

Traders will be paying attention this week for signs that Russia and Saudi Arabia will finalize a deal to curb supplies.

OPEC members are finally feeling the sting of low oil prices, analysts say.

The material has been provided by InstaForex Company – www.instaforex.com

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