Oil goes down to 2-month minimums

On Monday, crude prices slumped during European trade, hitting two-month minimums amid signs of an ongoing revival in American drilling activity.    

In New York, August delivery crude futures sagged to an intraday minimum of $44.55 per barrel, a value not observed since May 11. Last it traded at $44.61 per barrel, down 1.75%.

Late on Friday, Baker Hughes, oilfield services provider told that the overall number of rigs drilling for oil in America leapt by 10 last week to 351, thus marking the fifth soar in six weeks.

The renewed revenue in American drilling activity powered speculation that domestic output could set for rebounding in the weeks ahead, thus underlining concerns over a supply glut.

The previous week, New York-traded crude futures slumped 7.31%, its greatest weekly loss for near six months.

In London, September delivery Brent crude futures lost 1.67%, trading at $45.98.  

By the way, the previous week, London-traded Brent futures sagged 7.13%, demonstrating the worst weekly performance since mid-January.



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