Oil falls on increased U.S. rig count, China industrial slowdown

Oil prices fell by 1 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, and China, the world’s second-largest oil user, reported additional signs of an economic slowdown.

U.S. crude oil futures were at $53.13 per barrel at 0543 GMT, down 56 cents, or 1 percent, from their last settlement.

International Brent crude oil futures were at $61.03 a barrel, down 61 cents, or 1 percent.

 

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