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Oil sees relief rally as US drilling declines

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic advanced on Monday after the data in the US showed drilling in the US declined.

WTI Crude for Nov delivery rose more than 1.5% to trade at USD 45.77/barrel. Brent Crude for Nov delivery advanced 1.8% to USD 48.34/barrels.

Signs of slowdown in US output

A report released in the US on Friday showed USD 1.5 trillion worth of planned oil production was uneconomic at current prices. US drillers have cut the number of rigs in operation for three straight weeks.

Prices had taken a beating on Friday as Fed’s decision to keep rates unchanged underscored the global growth slowdown and heightened fears of the supply glut longer than estimated.

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