Oil falls near US$47 a barrel as US crude rig count unchanged

Oil fell near US$47 a barrel as the number of US rigs drilling for oil remained unchanged and Royal Dutch Shell Plc said production isn't affected by storm preparations in the Gulf of Mexico.

Futures in New York dropped as much as 1.2 per cent after advancing 1.9 per cent over the previous two sessions on speculation informal Opec talks next month could result in some kind of output freeze.

A tropical depression near Florida, forecast to become a storm on Monday, is expected to move into the Gulf of Mexico, according to the National Hurricane Center.

West Texas Intermediate for October delivery fell as much as 59 US cents to US$47.05 a barrel on the New York Mercantile Exchange and traded at US$47.09 a barrel at 8 am Tokyo time.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg