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
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.

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