Oil Rises as IEA Sees Plunge Curbing Non-OPEC Supplies
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Oil advanced, capping the first weekly gain since November, after the International Energy Agency lowered forecasts for supplies from outside OPEC and an industry report showed U.S. companies reduced drilling activity.
Crude rose 5.3 percent in New York. Non-OPEC oil producers will boost output this year at a slower rate than previously forecast, aiding a recovery in crude prices, the IEA said in its monthly market report. Rigs targeting oil in the U.S. fell for the eighth time in nine weeks, by 55 to 1,366 this week, Baker Hughes Inc. said on its website. They are at the lowest level since October 2013.