Oil
traded near $33 a barrel as U.S. drillers cut the number of active rigs
to the lowest level in more than six years amid a global glut.
Futures
gained 0.4 percent, trimming a fourth monthly drop. Rigs targeting oil
fell by 13 to 400, the lowest since December 2009, according to Baker
Hughes Inc. That is the 10th week of declines. Hedge funds and other
speculators increased net-long positions in West Texas Intermediate
futures and options by 14 percent to the highest since November in the
week ended Feb. 23, according to U.S. Commodity Futures Trading
Commission data.
WTI
for April delivery was at $32.91 a barrel on the New York Mercantile
Exchange, up 13 cents, at 9:05 a.m. Hong Kong time. The contract lost 29
cents to close at $32.78 on Friday. Total volume traded was about 22
percent below the 100-day average. Prices rose 11 percent last week, the
most since August, and are down 2.2 percent in February.
Source: Bloomberg
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