Oil rebounded after a Saudi-led alliance cut diplomatic ties with Qatar and moved to close off access to the Gulf country, raising tensions in the world’s biggest oil-producing region.
Futures rose as much as 1.6 percent in New York, paring the biggest weekly loss in a month. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran. Prices slumped last week amid concern that rising U.S. output will undercut supply curbs by OPEC and its partners.
Drillers targeting crude in the U.S. added rigs for the 20th straight week to the highest level since April 2015, according to data Friday from Baker Hughes Inc. American producers are pumping at a rate of 9.34 million barrels a day, according to data from the Energy Information Administration.
Source: Bloomberg Pro Terminal
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