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Rise in United States oil rigs push Brent oil below $62

Rise in United States oil rigs push Brent oil below $62

The U.S.'s crude production hit a record high level last week by climbing to 10.25 million barrels per day (mbpd), according to the Energy Information Administration (EIA). Money managers own more 1 billion barrels of crude oil through their holdings of USA and Brent futures and options. Brent fell almost 9 percent for the week while USA crude dropped 10 percent, the steepest weekly declines since January 2016.

Brent crude fell below $62 Friday after the number of oil rigs in the USA showed a sharp increase.

- Cameco (CCJ, CCO.TO) was unable to sustain a more than 4% gain soon after Friday's opening bell, instead sliding to a small decline within the first 15 minutes of United States trading, after the uranium miner reported Q4 net income and revenue topping Wall Street estimates.

- Forum Energy ( FET ) stumbled to a more than 23% decline on Friday, falling to a session low of $10.70 a share after the oil and natural gas equipment manufacturer reported Q4 financial results trailing analyst estimates and also issued a Q1 revenue forecast lagging the $258.23 million Capital IQ consensus by at least $5.23 million.

Brent futures LCOc1 fell $2.02 a barrel, or 3.1 percent, to $62.79 a barrel, its lowest settlement since December 13. The session low for US crude was $58.07.

Oil services company Baker Hughes said total US onshore rigs rose by 26 to 791, the highest since April 2015 and the biggest one-week rise in a year. It was also the largest week-on-week oil rig increase since January 2017.

Crude volumes in the North Sea Forties pipeline continued to ramp up faster than expected following a restart, a trade source told Reuters.

OPEC and other producers, including Russian Federation, have cut production since January 2017 to force down global inventories, but these cuts have been offset by rising USA oil production.

Investors were already anxious that rising USA production will overwhelm efforts by OPEC and other producing nations to cut supply.

The EIA estimated that US crude oil production averaged 10.2 million barrels per day in January, up 100,000 barrels per day from the December level, and total USA crude oil production averaged 9.3 million barrels per day in 2017.

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