Oil prices have dropped 10% over the past three weeks and are currently at the lowest level of the past four months following rising rig counts and record inventories in the US, which have offset optimism over OPEC's efforts to restrict crude output. According to Baker Hughes, the number of drilling rigs jumped to 617 in the week of March 10 vs 386 rigs a year ago. In addition, US shale oil producers said this week they are eyeing ambitious production growth.