(MENAFN) Oil went down on Monday, weighed down by increaing U.S. output although a 13 percent fall in U.S. crude inventories since March specified a gradually tightening market.
Barclays bank said on Monday, "U.S. oil production is forecast to grow by almost 1 million barrels per day in 2018 and by 850,000 barrels per day from May through year-end."
ANZ bank said on Monday, "The rig count suffered its biggest fall since January, adding to signs that the market is tightening."
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