Oil widens losses on higher US oil rig count

Oil prices widened their losses in American trade, with US crude extending the losses for the third straight session after the US oil rig count hit three-year highs, bolstering forecasts of new record highs in US output. 

As of 13:10 GMT, US crude fell to $67.40 a barrel from the opening of $68.19, with a session-high at $68.43, and a low at $67.19. 

Brent fell to $73.35 a barrel from the opening of $73.76, with a session-high at $74.14, and a low at $73.12. 

US crude closed down 0.2% on Friday, the second loss in a row, away from three-year highs at $69.54, while Brent closed flat. 

Oil prices rose 1.5% last week, the second weekly profit in a row, as Saudi Arabia targets $80-$100 per barrel prices. 

Last Friday, Baker Hughes reported a rise in the US oil rig count last week by 5 rigs to a total of 820 rigs, the highest since March 2015. 

US crude output is up nearly 25% from mid-2016 levels past Saudi Arabia's 9.9 bpd levels, and near Russia's 11 million bpd levels.