Oil prices stabilize on strong China demand, signs of US output slowdown

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Oil edged up to around $49 a barrel on Monday as a slowdown in the increase of rigs drilling in the United States eased concern that surging shale supplies will undermine OPEC-led cuts.

U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. While that is the highest level since April 2015, the rate of additions has slowed. New rigs over the past four weeks averaged five, the lowest since November 2016.

U.S. crude oil inventories in the week to July 7 posted their biggest drop in 10 months, raising expectations that a long-awaited market rebalancing is under way…

 

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