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.

BY BEN SHARPLES AND GRANT SMITH, BLOOMBERG

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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