Oil edged up to about $49 a barrel on Monday as fewer drilling rigs were added in the United States, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes (BHGE.N) said on Friday. RIG-OL-USA-BHI Rig additions in the past four weeks averaged five, the slowest pace since November. Expectations that a long-awaited crude market rebalancing was under way was also bolstered by the sharp drop in U.S. crude inventories in the week to July 7.
Brent crude futures mark highest finish month to date.
Oil futures climbed Thursday, stretching their winning streak to a third session, as investors focused on still percolating Middle East tensions.
West Texas Intermediate crude for June delivery rose 85 cents, or 1.4%, to settle at $62.87 a barrel, with prices marking the highest finish for a front-month contract since May 1, according to Dow Jones Market Data. Prices posted a third straight climb and trade roughly 2% higher for the week.
The global benchmark, July Brent, added 85 cents, or 1.2%, to $72.62 a barrel on ICE Futures Europe, for the highest finish to date in May.