EnergyWatch

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Further reading

Related articles

Latest News

See all jobs