Oil
held losses near the lowest level in almost four weeks as the pace of
U.S. drill rig reductions slowed in the world’s biggest crude consumer.
Futures
were little changed in New York after dropping 1.7 percent on Friday.
The number of active machines targeting oil declined by 1 to 594,
according to data from Baker Hughes Inc. Oil prices may climb to $60 a
barrel by the end of next year, Ali Al Mansoori, the chairman of Abu
Dhabi’s Department of Economic Development, said in an interview.
West
Texas Intermediate for December delivery was at $44.61 a barrel on the
New York Mercantile Exchange, up 1 cent, at 10:09 a.m. Sydney time. The
contract slid 78 cents to $44.60 on Friday, the lowest close since Sept.
28. The volume of all futures traded was about 66 percent below the
100-day average. Prices have decreased 16 percent this year.
Brent
for December settlement was 3 cents lower at $47.96 a barrel on the
London-based ICE Futures Europe exchange. Prices fell 4.9 percent last
week. The European benchmark crude was at a premium of $3.33 to WTI.
Source: Bloomberg
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