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Oil edges up towards $49, U.S. drilling slowdown supports

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil edged up to about $49 a barrel on Monday after fewer drilling rigs were added in the United States last week, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts.U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. Rig additions over the past four weeks averaged five, the slowest pace of growth since November.A sharp drop in U.S. crude inventories in the week to July 7 supported prices last week. But crude stocks in industrialised nations remained high, ...

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First Published: Mon, July 17 2017. 19:24 IST
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