Stockpiles seen falling faster in 2H on demand gain, OPEC cuts.
U.S. rigs targeting oil last week rose by the fewest since May.
Oil held gains above $46 a barrel as optimism that demand will help shrink supplies outweighed an increase in U.S. rigs drilling for crude.
While oil advanced last week, prices in New York are still below $50 a barrel on concerns expanded global supplies will offset output curbs by the Organization of Petroleum Exporting Countries and its allies as part of a deal to help rebalance the market. The group’s output climbed last month to the highest this year as members exempt from the deal -- Nigeria and Libya -- pumped more and others slipped in delivering their pledged curbs.
Source: Bloomberg Pro Terminal
Jr Trader Ivan Ivanov
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