Oil held gains close to $47 a barrel as Baker Hughes reported rigs targeting oil in the United States dropped for seventh consecutive week to its lowest in five years.
West Texas Intermediate for November delivery settled at $47.39 a barrel, up 13 cents, on the New York Mercantile Exchange. The volume of all futures traded was around 5% below the 100-day average.
December future ended at $47.83, up 11 cents, while Brent for December settlement closed at $50.55 a barrel, up 9 cents, on the ICE Futures Europe exchange.
Oil has plunged on signs the market is still oversupplied following it traded above $50 a barrel earlier this month for the first time since July.
The material has been provided by InstaForex Company – www.instaforex.com