Oil steady near nine-week highs on fall in U.S. drilling activity

7 Aug 2017   Prices

¬†Oil prices held near nine-week highs on Monday, buoyed by robust U.S. jobs data last week and a slight fall in U.S. drilling, although rising output from OPEC capped gains. Global benchmark Brent crude futures LCOc1 were up 8 cents, or 0.15 percent, at $52.50 a barrel at 0059 GMT. U.S. crude futures CLc1 were up 7 cents, or 0.14 percent at $49.65 per barrel. Prices for both benchmarks have been on the rise, hovering near their highest since late May, when oil producers led by the Organization of the Petroleum Exporting Countries (OPEC) rolled over a deal to reduce output by 1.8 million barrels per day (bpd) until the end of next March. “Crude oil prices rose strongly as investors viewed (U.S. jobs) data as a positive sign for oil demand in the United States … A small fall in the number of drill rigs […]

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