Oil retreated near $53 a barrel as investors weighed rising U.S. drilling activity against OPEC production cuts that the International Energy Agency estimates achieved a record 90 percent initial compliance rate. Futures lost as much as 0.9 percent in New York after advancing 3.2 percent over the previous three sessions. Saudi Arabia reduced production by more than it had pledged, while higher demand is helping to rebalance the market, the IEA said Friday. OPEC is due to release its monthly report Monday, offering the group’s first update on its progress. In the U.S., drillers increased the rig count to the highest since October 2015, according to Baker Hughes Inc. Oil has fluctuated above $50 a barrel since the Organization of Petroleum Exporting Countries and 11 other nations started trimming supply from Jan. 1 to ease a global glut. The market will shift into a deficit during the first half […]