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Oil prices fall on rising U.S. rig count، Illinois refinery outage

Monday 11/February/2019 - 10:22 AM
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File Photo
Reuters) - 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 the closure of a 120،000-barrels-per-day (bpd) crude distillation unit (CDU) at Phillips 66’s Wood River، Illinois، refinery following a fire on Sunday.

edited by: rehab sayed

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