Oil trades near USD 50 a barrel after decline in US drilling

Oil came close to a three-month high as it seems that the global excess of crude oil is shrinking and US drilling likewise declined.

Photo: /ritzau/AP/LM Otero

Oil traded near USD 50 a barrel in New York, close to a three-month high, as a further reduction in US drilling added to signs the global crude surplus is abating.

West Texas Intermediate futures were little changed after advancing 5.1 percent last week. Rigs targeting crude fell by seven to 749, according to data Friday from Baker Hughes. Drillers haven't added any new machines during the past five weeks, capping in August the first monthly drop since May 2016. The third hurricane this month is tracking toward the Caribbean and strengthening along the way.

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