Oil prices steady below $49 as U.S. drillers continue to boost activity

Oil prices steady below  as U.S. drillers continue to boost activity

Oil steadied below a barrel as U.S. drillers continued to boost activity, countering OPEC’s efforts to drain a global glut. Futures were little changed in New York after falling 9.1 percent last week, the biggest weekly loss since November. Rigs targeting crude in the U.S. rose to the most since September 2015. Oil last week broke below the a barrel level it had held above since OPEC and 11 other nations started trimming supply on Jan. 1. U.S. crude stockpiles have climbed to a record and production surged to the highest in more than a year, while Saudi Arabia’s Oil Minister Khalid Al-Falih said global supplies are falling slower than expected.
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