Futures lost as much as 0.4 percent after gaining 0.7 percent Friday. The number of oil rigs operating in U.S. fields rose to the most since April 2015, according to data published Friday by Baker Hughes Inc. Libya’s crude production rebounded to more than 700,000 barrels a day as the OPEC member’s biggest oil field and another deposit in its western region resumed pumping after a halt.
Oil has fallen the past two weeks amid concern rising U.S. output will offset efforts by the Organization of Petroleum Exporting Countries and its allies to trim a global glut. American production increased to the most since August 2015 and Saudi Arabia’s Energy Minister Khalid Al-Falih has acknowledged that the first quarter of OPEC-led curbs failed to bring stockpiles below the five-year average.
West Texas Intermediate for June delivery fell as much as 19 cents to $49.14 a barrel on the New York Mercantile Exchange and traded at $49.22 at 10:34 a.m. in Sydney. Total volume traded was about 64 percent below the 100-day average.
Brent for July settlement dropped as much as 24 cents, or 0.5 percent to $51.81 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $2.39 to July WTI. Brent for June settlement expired Friday after adding 29 cents to $51.73.