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Oil seesaws amid fall in U.S. drilling activity

Published 07/03/2017, 08:35 AM
Updated 07/03/2017, 08:35 AM - Oil seesawed Monday after an extended rally lost a bit of steam on some profit-taking amid a slowdown in U.S. drilling activity.
U.S. crude was up 15 cents, or 0.33%, at $46.19 at 08:00 ET. Brent added 8 cents, or 0.16%, to $48.85.
Baker Hughes Friday reported a fall in the number of oil rigs operating in the U.S. of two to 756 in the latest week.
That was the first drop since the start of the year but the rig count remains at around double the levels seen a year earlier.
Gains were also capped by a Reuters survey showing OPEC output rose in June despite an agreement to curb production.
OPEC and non-OPEC producers have agreed to rein in production by 1.8 million barrels a day through to March.
The curbs have failed to make significant inroads into global inventories amid an increase in U.S. output.
Nigeria and Libya, which have been exempt from the OPEC-led cuts, have also raised output.

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