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Oil falls to $ 52.64 a barrel on higher US production
economy Since 2017-08-21 at 13:07 (Baghdad time)
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Oil prices fell on Monday as US production increased, although US crude inventories have fallen 13 percent since March, indicating a gradual curtailment of supply in the market.
Global Brent crude hit $ 52.64 a barrel by 0639 GMT, down eight cents, or 0.2 percent from the previous close.
US WTI crude futures were $ 48.47 a barrel, down 4 cents, or 0.1 percent, from the previous closing price.
This came after a jump to 3 percent in prices on Friday.
Traders said the market was hit by a rise in US production, which exceeded 9.5 million barrels per day, the highest level since July 2015.
But there are signs that US production may slow soon after energy companies cut the number of drilling platforms for a second week in three weeks, Baker Hughes Energy Services said on Friday. Baker Hughes said companies cut the number of oil drilling platforms by five in the week ending Aug. 18 to a total of 763.
US inventories fell about 13 percent from a peak in March to 466.5 million bpd.
Traders said the suspension of the Libyan oil field could reduce short-term flows
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