Oil prices dived on Monday

International benchmarks for oil prices dropped on Monday (13 June) for the second straight session as market focused on production activities in the US. Indeed, Baker Hughes Inc. said on last Friday the number of oil rigs in the US rose for a second straight week while Genscape reported an increased in crude inventories by 525,000 barrels fro the week ending 10 June. Analyst are arguing that the number of shale oilrigs in the US has fallen by 48% compared to a year ealier while the output only dropped 9% for the same period, which indicate that US producers have increased productivity and lowered costs and possibly flood the market again by quarter 3.

WTI closed at $48.88/barrel (-$0.19) July delivery

Brent closed at $50.35/barrel (-$0.19) August delivery