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3-month low: Oil slips as US activity ramps up
Oil prices have hit a three-month low as rising inventories and increasing activity in the US knocks OPEC’s attempts to shift the balance of the market off course.
Despite two months of reduced output from the producers’ cartel, there are signs North America is stepping in to fill the gap.
As we write European benchmark Brent is just over $51 per barrel and its US counterpart WTI is below $50. Data from US oil services business Baker Hughes shows US producers added more oil rigs for an eighth consecutive week.