Oil prices fall on strong shale supply

Oil prices fell on Friday, in response to concerns over resilient U.S. crude production.

The number of U.S. oil-drilling rigs rose by 12 to 640 in the past week, snapping 29 straight weeks of decline, data from Baker Hughes showed late on Thursday. The rig-count, which some investors see as a proxy for activity in the oil industry, has fallen sharply since oil prices headed south last year. U.S. oil output, however, has remained strong and continued to pressure oil prices.

Brent crude LCOQ5, -1.24% the global oil benchmark, fell 0.7% to $61.62 a barrel on London’s ICE Futures exchange. In a shortened trading session because of the U.S. Independence Day holiday, U.S. crude futures CLQ5, -3.53%  were trading down 0.7% at $56.55 a barrel on the New York Mercantile Exchange.

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