The Wall Street Journal reported that oil prices dropped due to trader concerns over an uptick in drilling coupled with anticipated production cuts.

According to the Journal, a recent Baker Hughes report indicating a U.S. drilling rig increase of four during the last week of December sparked the price decrease.

The Journal said U.S. rig counts have increased for 10 weeks in a row, resulting in the highest number of operating rigs since December 2015, which is “alarming” to analysts.