OFFSHORE TECHNOLOGY — Oil prices have declined on account of upward growth in the number of rigs in the US count, pointing to a rise in crude production.

The drop in prices comes after crude futures hit their highest levels last week in more than three years.

Brent crude futures decreased 15 cents, or 0.2%, to trade at $73.91 per barrel, while US West Texas Intermediate (WTI) crude futures dipped 18 cents, or 0.3%, trading at $68.22, according to Reuters.

Phillip Futures was quoted by the news agency as saying: “We expect for oil prices to recede slightly today as market anticipates on the prospect of rising production in the US.”

Energy services firm Baker Hughes released numbers indicating that the total rig count increased to 820, after five rigs were added by US drillers drilling for new production in the week ending 20 April.

This figure represents the highest since March 2015.

The growing number of rigs is a key marker to further increases in US crude production, which now stands at 10.54 million barrels per day, second only to Russia.

Despite the decline in prices on 23 April, overall the oil market continues to support from strong demand in Asia.

Another major factor supporting the oil market is the continuing efforts by the Organisation of the Petroleum Exporting Countries-led (OPEC) group in raising the prices.