Oil Holds Above $49 as Investors Look for More OPEC Compliance
- Worldwide drilling in July highest in almost 2 years
- Libya’s Sharara oil field ‘back to normal’ after disruption
Macro Risk's Kettenmann Remains Cautious on Oil
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Oil held above $49 a barrel as investors looked for signs that the world’s largest oil producing countries will solidify compliance with their supply-cut deal.
Futures dropped 0.4 percent in New York. Russia and Kuwait were said to meet producers such as Iraq in Abu Dhabi to discuss compliance to the OPEC production-cut deal. Libya’s production recovery was back on track as operations at its biggest oil field, Sharara, returned to normal after being halted Sunday by armed protesters. Rebounding Libyan supply has hindered efforts by fellow OPEC members to plug a global glut. Worldwide drilling reached its highest in almost two years in July, according to Baker Hughes Inc.