Oil held losses near the lowest level in almost four weeks as the pace of U.S. drill rig reductions slowed in the world’s biggest crude consumer.
Futures were little changed in New York after dropping 1.7 percent on Friday. The number of active machines targeting oil declined by 1 to 594, according to data from Baker Hughes Inc. Oil prices may climb to $60 a barrel by the end of next year, Ali Al Mansoori, the chairman of Abu Dhabi’s Department of Economic Development, said in an interview.
West Texas Intermediate for December delivery was at $44.61 a barrel on the New York Mercantile Exchange, up 1 cent, at 10:09 a.m. Sydney time. The contract slid 78 cents to $44.60 on Friday, the lowest close since Sept. 28. The volume of all futures traded was about 66 percent below the 100-day average. Prices have decreased 16 percent this year.
Brent for December settlement was 3 cents lower at $47.96 a barrel on the London-based ICE Futures Europe exchange. Prices fell 4.9 percent last week. The European benchmark crude was at a premium of $3.33 to WTI.