U.S. crude prices head towards new 2015 low as drilling rebounds

* U.S. oil rig count rebounds to 541
* U.S. crude stockpiles edge above 490 million barrels
* U.S. glut adds to global oversupply

By Henning Gloystein
SINGAPORE, Dec 21 (Reuters) - U.S. crude oil prices dipped
in early Asian trading on Monday, heading towards last week's
2015 lows as a rebound in drilling activity, a strong dollar and
brimming storage facilities weighed on prices.
U.S. West Texas Intermediate (WI) crude futures CLc1 were
trading at $34.48 per barrel at 0008 GMT, down 25 cents from
their last settlement and close to last Friday's 2015 lows. Oil
prices are at levels last seen during the peak of the financial
crisis of 2008/2009.
Analysts said a strong dollar following last week's U.S.
interest rate hike, which makes oil consumption more expensive
for countries using different currencies, as well as a renewed
increase in U.S. oil rig counts were weighing on crude prices.
"The U.S. oil rig count bounced back this week, up by 17 (to
541), putting an end to four consecutive weekly declines,"
Goldman Sachs (N:GS) said.
"The increase in rig count even in a low crude oil price
environment suggests shale producers are committed to
maintaining production levels. The resilient production data
reflect rising U.S. crude stockpiles, which have surged to 491
million barrels, the most for this time of year since 1930," ANZ
bank said.
The glut in the U.S. oil market adds to global oversupply as
the main producers, including the Organization of the Petroleum
Exporting Countries (OPEC) and Russia, pump hundreds of
thousands of crude every day in excess of demand.
Internationally traded Brent crude futures LCOc1 were down
34 cents at $36.54 per barrel, down more than two-thirds since
June 2014 when the price rout began.
The global glut means that the lifting of a decades-old ban
on U.S. crude exports that was announced last week is expected
to have little immediate impact on oil flows and prices.


(Editing by Richard Pullin)