economy Since 2017-07-17 at 16:39 (Baghdad time)
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Oil rose to around $ 49 a barrel on Monday as the number of oil drilling platforms slowed in the United States, easing fears that the rise in US oil production would offset the impact of OPEC-led output cuts.
Baker Hughes said on Friday that US companies added two oil diggers over the week ending July 14 to a total of 765 diggers.
The highest level since April 2015 but the pace of increases slowed. The average of new excavators in the last four weeks has been five rigs, the lowest level since November 2016.
Expectations that the long-awaited balance in the oil market was also pushed back by the sharp decline in US crude inventories in the week ending July 7 also strengthened.
The benchmark Brent crude rose 5 cents to $ 48.96 a barrel by 1219 GMT, while US crude fell five cents to trade at $ 46.49 a barrel.