Oil Hovers in Tight Trading Range Amid Global Supply Tug of War
- U.S. rig count climbs to most since October 2015: Baker Hughes
- Hedge funds boost bullish bets on WTI crude to a record: CFTC
OPEC's Barkindo Demands 100% Compliance on Output Cuts
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Oil held above $53 a barrel, after spending last week in the smallest trading range in 13 years as investors weighed rising U.S. drilling activity against OPEC production cuts.
Futures rose 0.4 percent in New York after fluctuating in the narrowest range since January 2004. U.S. drillers boosted the rig count to the highest since October 2015, Baker Hughes Inc. said Friday. Meanwhile, hedge funds raised net-long positions on West Texas Intermediate and Brent to a record.