| Oil swung between gains and losses below $45 a barrel as investors weighed the outlook for a persistent global glut against signs US drillers are continuing to reduce active rigs. Futures were little changed in New York after declining 2.8 per cent Friday as Goldman Sachs said the surplus is bigger than it expected and prices could fall as low as $20 a barrel.
The number of rigs seeking oil slid to the lowest level in almost two months, according to Baker Hughes. Oil is down more than 25 per cent from its closing peak in June on speculation the global oversupply will be prolonged. While the International Energy Agency predicts crude stockpiles will diminish in the second half of next year as supply outside Opec declines, Iran has vowed to boost output and increase exports once sanctions are lifted...............................................Full Article: Source
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