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Crude oil futures tanked more than 1 per cent in the domestic market on Friday as investors and speculators exited positions in the energy commodity tracking a bearish trend internationally as the first rise in US oil rig count since December last week fueled worries that producers may keep pumping crude, exacerbating a global supply glut.
Industry research firm Baker Hughes reported that the number of rigs drilling for oil in the US climbed by one last week to 387, snapping three straight months of weekly declines.
Meanwhile, US storage levels remain at a record high of above 520 million barrels, a sign that the market remains awash in crude even as speculation heats up of major oil producers reaching a potential agreement in April to freeze output.
Further, household confidence in the US plunged to the lowest level in five months in early March 2016 as Americans grew slightly worried over the outlook for the world’s biggest economy, dimming the demand for the fuel.