The falls reflect a sentiment that efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output by almost 1.8 barrel per day (bpd) in order to end overproduction were so far not big enough to offset rising U.S. drilling.
“Crude oil prices continued to struggle as traders remained concerned about increasing drilling activity in the U.S.,” ANZ bank said on Tuesday.
Following months of rising drilling activity, U.S. oil production has risen by 6.3 percent since July last year to almost 9 million bpd, according to data from the U.S. Energy Information Administration.
