Oil prices decreases after registering 20% increase in third quarter

Monitoring Desk

TOKYO: Oil prices fell in world market on Monday and putting pause on the increase of prices as much as 20% in the third quarter after a survey pointed out to a slight increase in OPEC production in September.

As per detail, the U.S. crude oil was decrease to 13%. The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January.

Similarly, the Global benchmark Brent crude for December delivery was down 22%, at $56.57 a barrel. On Friday, Brent for November delivery closed 13 cents higher at $57.54 a barrel, notching up a third-quarter gain of around 20 percent, the biggest gain in five quarters. It was the biggest third-quarter increase since 2004.

Iraqi exports increased and production edged higher in Libya, one of the OPEC producers exempt from a deal to curb output and support prices.

Middle Eastern oil producers are concerned the recent price rise will only stir U.S. shale producers into more drilling and push prices lower again.

U.S. energy companies added oil rigs for the first week in seven after a 14-month drilling recovery stalled in August, energy services firm Baker Hughes said on Friday.

Drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750.