| Oil fell after capping its first monthly gain since June as increased production from Saudi Arabia lifted OPEC’s output beyond its collective quota for a ninth month. Futures decreased as much as 1.1 percent in New York. The Organization of Petroleum Exporting Countries pumped 30.6 million barrels a day in February, above the group’s output target of 30 million a day, according to a Bloomberg survey.
U.S. drillers cut the number of rigs in service for a 12th week to the fewest since June 2011, Baker Hughes Inc. data showed. Saudi Arabia led OPEC’s decision in November to maintain the group’s output, exacerbating a global glut that drove oil almost 50 percent lower in 2014...............................................Full Article: Source
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