Oil prices fell on the European market on Monday to continue their losses for a second consecutive day as US drilling and exploration accelerated, favoring a rise in US oil production to record highs, as well as higher production in Russia, the world’s biggest oil producer.

By 09: 40 GMT, US crude dropped to $ 65.35 per barrel from the opening level of $ 65.53 and recorded a high of $ 65.72 and a low of $ 65.29.

Brent crude fell to $ 76.02 a barrel from the opening level of $ 76.30 and recorded a high of $ 76.58 and a low of $ 75.83.

Oil chart

US crude lost 0.6% on Friday, the second loss in three days, and Brent crude lost 1.4% on correction from a week high of $ 77.60 per barrel.

US drilling and exploration platforms rose last week by a platform, the third consecutive weekly gain, to reach 862 platforms, the highest since March 2015, official data showed.

Thanks to high drilling activities, US production has jumped more than 28% since mid-2016 to a total of 10.80 million barrels per day, surpassing Saudi Arabia’s stable production of around 9.9 million barrels per day and close to Russia’s largest oil producer of around 11.1 million barrels.

Meanwhile, the Interfax news agency reported on Saturday that oil production in the country rose to 11.1 million barrels per day at the beginning of June, up from just under 11 million barrels average production in May.