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Oil Drops As U.S. Rig Count Hits New High

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News video: Oil Drops As U.S. Rig Count Hits New High

REUTERS/Jim Urquhart US drillers added 10 rigs this week, bringing the total count to its highest level since 2015.

West Texas Intermediate crude oil fell more than 1% on Friday. Follow oil prices in real time here.

West Texas Intermediate was down 1.2% to $70.54 at 2:45 p.m.

Both still held close to three-and-a-half year highs.

US drillers have been ramping up production as crude prices surge and OPEC supply concerns mount..

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Oil Drops As U.S. Rig Count Hits New High

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A SEPT. 30, 2015, FILE PHOTO.

APRIL 24, 2015 PHOTO

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