Oil trades near $53 as US drilling accelerates

Oil traded near $53 a barrel after drilling in the US climbed to the highest in more than a year, countering the Organization of the Petroleum Exporting Countries  (Opec)’s efforts to clear a supply glut.

Futures were little changed in New York after falling 1.1 per cent on Friday. Rigs targeting crude in the US rose last week to the most since November 2015, according to Baker Hughes, while US crude output is at the highest since April, government data shows. Oil supplies from Opec are sliding this month, according to tanker-tracker Petro-Logistics SA.

Oil has fluctuated above $50 a barrel since