Oil traded below $45 a barrel after a fourth weekly loss on speculation that a record expansion by U.S.
drillers will blunt OPEC-led efforts to rebalance an oversupplied market.
Futures fell 0.4 percent in New York after capping the longest run of weekly declines since August 2015. U.S. drillers targeting crude added rigs for a 22nd straight week, the longest stretch in three decades, according to data Friday from Baker Hughes Inc.
Oil slumped to the lowest close in seven months last week amid concerns that rising U.S. supplies will offset output cuts by the Organization of Petroleum Exporting Countries and allies including Russia.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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