Oil Extends Longest Rally This Year as U.S. Drilling Slows

4 Jul 2017   Prices, Shale Oil

American rigs targeting crude post first drop in 24 weeks Libyan production increases to highest level in four years Oil extended the longest run of gains this year, closing above $47 a barrel, as U.S. drilling slowed after a record expansion. West Texas Intermediate futures rose as much as 2.3 percent in New York, adding to an 8.3 percent gain the previous seven sessions. Meanwhile, Brent, the global benchmark, is posting the longest rally since 2012. The increases come as U.S. drillers targeting crude cut the number of active rigs for the first time in 24 weeks. Before that, the count had climbed to the highest level since April 2015, according to Baker Hughes Inc. data on Friday. “A surprise fall in U.S. production in April and oil rigs last week may ease concerns that U.S. crude production is ramping up too aggressively,” Giovanni Staunovo, an analyst at UBS […]

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