| Oil held gains above $45 a barrel after data showed a reduction in the number of rigs drilling for crude in the U.S., signaling output cuts in the world’s biggest consumer. Futures climbed as much as 0.5 percent in New York, extending Friday’s 1.8 percent advance.
The number of active rigs fell by 26 to 614 last week, a five-year low, according to data from Baker Hughes Inc., an oil-field services company. Saudi Arabia cut pricing for November supplies to Asia and the U.S. as the world’s largest crude exporter seeks to keep its cargoes competitive with rival suppliers amid sluggish demand...............................................Full Article: Source
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