Oil held below $60 a
barrel as U.S. companies reduced the number of active rigs at the
slowest pace since a prolonged retreat in drilling began in December.
Futures were little
changed in New York after falling 0.3 percent on Friday, capping a
three-day drop. The rig count slipped by eight to 660, the smallest cut
in 23 weeks of declines, according to Baker Hughes Inc. Demand for
OPEC’s crude will rise as current prices hinder shale output expansions,
according to Qatar Petroleum International’s Chief Executive Officer.
Oil’s recovery from a
six-year low is stalling near $60 a barrel amid speculation rising
prices will encourage production and sustain a supply glut. U.S. crude
inventories are more than 100 million barrels above the five-year
average for this time of year, according to government data.
West Texas
Intermediate for June delivery, which expires Tuesday, rose 12 cents to
$59.81 a barrel in electronic trading on the New York Mercantile
Exchange at 10:27 a.m. Sydney time. The contract slid 19 cents to $59.69
on Friday. The volume of all futures traded was about 66 percent below
the 100-day average. The more-active July futures were 10 cents higher
at $60.64.
Brent for July
settlement gained 5 cents to $66.86 a barrel on the London-based ICE
Futures Europe exchange. The European benchmark crude was at a premium
of $6.23 to WTI for the same month.
Source: Bloomberg
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