Oil prices decline after big rallyOil tanker (MB file/mb.com.ph)NEW YORK — Oil prices ended lower on Monday after US crude posted its best weekly gains in more than five months. The oil prices were under pressure on Monday amid more Iraqi crude shipments and a rising US oil rig count. Iraq, OPEC’s second-largest producer, will increase crude exports by 5 percent in the next few days after an agreement to resume shipments from three oil fields in Kirkuk, according to media reports on Sunday. Moreover, oilfield services company Baker Hughes said Friday that the number of rigs operating in US fields rose by 10 to 406 this week, notching an eighth straight weekly gain. The West Texas Intermediate for September delivery lost USD1.47 to settle at USD47.05 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased USD1.72 to close at USD49.16 a barrel on the London ICE Futures Exchange.

Source: Manila Bulletin August 23, 2016 01:07 UTC