Oil Steadies Near Two-Month High as U.S. Drilling Slows Down - Bloomberg

Oil Steadies Near Two-Month High as U.S. Drilling Slows Down - Bloomberg:

Oil steadied near a two-month high in New York amid a pullback in U.S. drilling activity, while ongoing U.S.-China trade talks left an uncertain outlook for demand.

Futures were little changed after surging 3.3 percent on Friday. The number of rigs drilling for oil in the U.S. fell to the lowest since May, according to Baker Hughes data. China and America, the world’s biggest oil consumers, have made little progress in talks on intellectual property, a major sticking point as they pursue a deal to end a tariff battle, according to people familiar with the discussions.

“The price volatility seen over the latter part of last year certainly appears to have made producers hesitant to pick up drilling activity,” said Warren Patterson, senior commodities strategist at ING Bank NV.