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Oil holds gains on signs of shale slowdown as OPEC output falls

The oil price stuck with gains near a two month high as data showed a growing US production at a time when OPEC output reductions and sanctions on Venezuela have somewhat eased concerns over excessive supply.

Photo: Bloomberg

Oil held gains near a two-month high after data showed US production growth slowing at a time when OPEC cuts and American sanctions on Venezuela have already eased concerns over a supply glut.

Futures in New York edged lower after rising 2.7 percent on Friday. The number of active oil rigs in the US dropped to the lowest level in almost nine months, data released Friday by oilfield-services provider Baker Hughes show. Crude output from the Organization of Petroleum Exporting Countries fell the most in two years in January, according to a Bloomberg survey of officials, analysts and ship-tracking data.

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