Oil extended gains
after the biggest weekly advance in almost four years as signs of a
drilling slowdown in the U.S. bolstered speculation that companies are
cutting back crude production amid a global glut.
Futures rose as much
as 3.3 percent in New York after climbing 7.2 percent last week.
Drillers reduced the number of rigs in service by 83 to 1,140, the
lowest level since December 2011, according to data from Baker Hughes
Inc. Oil workers at two BP Plc plants in the Midwest joined the biggest
strike at refineries across the nation since 1980 as negotiations on a
new labor contract stalled.
Oil slid almost 50
percent last year as U.S. producers pumped crude at the fastest pace in
more than three decades. The Organization of Petroleum Exporting
Countries also resisted calls to cut supply, signaling it would fight to
maintain market share. Venezuela wants OPEC to discuss steps to halt
price fluctuations, according to Oil Minister Asdrubal Chavez.
WTI for March delivery
increased as much as $1.71 to $53.40 a barrel in electronic trading on
the New York Mercantile Exchange and was at $52.01 at 1:31 p.m.
Singapore time. The contract gained $1.21 to $51.69 on Feb. 6. The
volume of all futures traded was about 57 percent above the 100-day
average.
Source : Bloomberg
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