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| Oil prices are dropping and Brent closes below $ 70 |
Oil prices on Saturday closed sharply lower on the back of rising US rock production after a series of gains in early October.
Brent futures for January delivery closed at $ 69.64 a barrel, down $ 101, or 1.43 percent, after hitting $ 84 a barrel at the beginning of October.
US crude futures closed at $ 58.84 a barrel, up 83 cents, or 1.37 percent, after touching $ 76 at the beginning of October.
US oil drilling companies added 12 oil diggers in the week ending November 9 to a total of 886 diggers, the highest level since March 2015. The
number of oil drilling rigs operating in the states, Baker Hughes Energy Services said Friday in its weekly report. The United States, a preliminary indicator of future production, higher than a year ago at 738, as energy companies boost production to take advantage of rising prices in 2018.
The US Energy Information Administration predicted this week that the average annual US production will rise to a record level of 10.9 Million barrels per day In 2018 and 12.1 million barrels per day in 2019, from 9.4 million barrels per day in 2017.
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