U.S. rig data shows the longest stretch of gains since 2011 Global oil market moving closer to balance: Saudi Aramco CEO Oil declined below $53 a barrel as the U.S. continued to ramp up drilling, stoking concern that the nation’s surge in output this year will offset OPEC-led efforts to cut a global supply surplus. Futures fell as much as 1 percent in New York, paring last week’s 1.8 percent advance. U.S. explorers added 11 rigs last week, capping the longest stretch of gains since 2011, according to Baker Hughes Inc. data. Prices fell even after Saudi Arabian Oil Co. Chief Executive Officer Amin Nasser said the global oil market is moving closer to balance despite the U.S. shale boom. The recovery in U.S. drilling activity is damping optimism that had sent prices above $53 a barrel after some members of the Organization of Petroleum Exporting Countries voiced support […]