Oil edges up towards $49, U.S. drilling slowdown supports

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Oil edges up towards $49, U.S. drilling slowdown supportsOil edged up to around $49 a barrel on Monday as a slowdown in the increase of rigs drilling in the United States eased concern that surging shale supplies will undermine OPEC-led cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes (BHGE.N) said on Friday. “The slowing pace of increases combined with massive drawdowns last week on both official crude inventory numbers from the U.S. probably explains the positive sentiment in general at the moment,” said Jeffrey Halley at brokerage OANDA.

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