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Oil edges above $49 amidst US drilling slowdown, Opec-led cuts

Brent crude was up 19 cents, US crude was up 17 cents

Reuters  |  London 

Oil rose above $49 a barrel on Monday as a slowdown in the growth of rigs drilling in the United States eased concern that surging shale supplies will undermine Opec-led cuts. US 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 lowest since November. "The slowing pace of increases combined with massive drawdowns last week on both official crude inventory numbers from the US probably explains the positive sentiment in general at the moment," said Jeffrey ...

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First Published: Mon, July 17 2017. 15:49 IST