Additional Drilling Points In The US To Drive Oversupply in The Oil Market

Oil prices fall this Monday morning as the US added Four new drilling points leading to higher output which is said to drive oversupply of the commodity in the coming days.U.S. West Texas Intermediate (WTI) crude futures were at $62.14 a barrel at 0739 GMT, down 20 cents, or 0.3 percent, from their previous close.Brent crude futures were at $65.99 per barrel, down 22 cents, or 0.3 percent.Egypt which has become the prime territory for risk-hungry debt traders for the past 15 months, could be upstaged by other emerging markets as it begins to cut rates to spur the economy.Exxon Mobil Corporation is working in partnership Pakistan’s large businesses on a proposal to build and supply the country’s third import terminal for liquefied natural gas, according to the nation’s minister for maritime affairs.--- Support this podcast: https://anchor.fm/africanperspective/support