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Oil steadies as drilling increases in tight market

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices steadied on Monday as an increase in U.S. drilling, likely to lead to higher shale production, balanced evidence of tightening supply.Benchmark Brent was up 40 cents at $77.51 a barrel by 0850 GMT. U.S. crude was down 30 cents at $73.50."Uncertainties abound when it comes to the oil balance for the remainder of the year," said Stephen Brennock, analyst at London brokerage PVM Oil Associates. "Competing supply-side developments ensure that the oil price roller-coaster remains in full swing."U.S. energy companies last week increased the number ...

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First Published: Mon, July 09 2018. 15:52 IST
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