Oil prices climbed on Monday after U.S. drilling activity fell to its lowest level in about two months, but increasing concerns about weaker growth in major economies kept a lid on gains. International Brent crude oil futures were at $60.37 per barrel at 0134 GMT, up 9 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $51.44 per barrel, up 24 cents, or 0.5 percent. “Oil is finding support as the drop in Baker Hughes rig counts points to a near-term slowdown in U.S. production,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.
U.S. drillers cut four oil rigs in the week to Dec. 14, pulling the total count to the lowest since mid-October at 873, General Electric Co’s Baker Hughes energy services firm said on Friday. Read More
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