On Tuesday, crude prices dived, as surging American drilling activity compensated efforts by OPEC as well as other oil producers to cut crude production in a move to prop up the market.
Brent crude futures LCOc1 reached $55.16 per barrel, sliding 7 cents from their last close. Since their January high, Brent has lost more than 5.5% in value.
American West Texas Intermediate crude futures CLc1 hit $52.44 a barrel, declining 19 cents from their last settlement, and WTI dipped 2.85% since its January high.
The dips reflect a sentiment that efforts led by the OPEC to reduce output by nearly 1.8 barrel per day just to end overproduction were so far not big enough to compensate surging crude drilling.
Crude prices kept struggling as market participants remained concerned about ascending drilling activity in America.
Following months of growing drilling activity, American crude output has added by 6.3% since July the previous year to nearly 9 million bpd.
