Oil stable on lower U.S. rig count, expectation of ongoing Saudi output restraint

9 Oct 2017   Prices

Oil prices stabilized on Monday, after a 2 percent slide on Friday, as the number of rigs drilling for new oil in the United States dipped and on expectations that Saudi Arabia would continue to restrain its output to support the market. U.S. West Texas Intermediate (WTI) crude futures were trading at $49.38 per barrel at 0702 GMT, up 9 cents from their last close. Brent crude futures were flat from their last close, at $55.62 a barrel. Trading activity was low on Monday due to the Columbus Day holiday in the United States, although markets there are open. Oil tumbled by 2 percent on Friday, with WTI dipping back below $50 per barrel, as concerns of overproduction […]

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