Oil prices decline on growing US drilling activity

Oil prices dropped this Monday morning in Asia following a three-day Easter break as investors digest North Korea’s failed missile launch.

As of 14:28 (MSK), WTI Oil was down 46 cents or 0.86% at $52.72 per barrel. Brent Oil was down 48 cents or 0.86% at $55.41 per barrel.

Investors could be reacting to the Baker Hughes data released last week, which showed the number of active oil rigs in the US hit its highest level since April 2015. The rig count rose for the 13th straight week, taking the total count to 683, FXStreet reported. (Vestnik Kavkaza)