Oil held above $58 a barrel as U.S. explorers reduced drilling to the lowest in more than a year at a time of escalating trade tensions with China. Futures in New York were little changed after rising 1.2% on Friday.
Working U.S. rigs fell by 5 last week to 797, the lowest since March last year, according to data released Friday by Baker Hughes. Meanwhile, money managers reduced their bets on a rally in U.S. crude to the lowest in two months during the week ended May 21, U.S. Commodity Futures Trading Commission data show. Read More
Latest posts by Bloomberg Quint (see all)
- Why India’s Wind Turbine Makers Are Under Stress - August 22, 2019
- IL&FS Board Seeks NCLT Nod To Sell Seven Wind Power Units To Orix Corporation - August 21, 2019
- Lenders To Ratnagiri Power Agree On Debt Resolution Plan - August 20, 2019