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Oil prices fall as U.S. rig count rise, trade concerns

“International Brent crude oil futures were down 49 cents, or 0.8 percent, at $61.61 a barrel” writes Jean-paul Pelissier for cnbc.com. Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns.Analysts said economic concerns were also weighing on crude oil futures.Preventing crude prices from falling further have been U.S. sanctions on Venezuela, targeting its state-owned oil firm Petroleos de Venezeula SA (PDVSA).The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agreement.
 
Source: cnbc.com



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