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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