Investing.com – Oil rebounded on Monday, bouncing back from the previous week’s losses, bur gains were limited amid signals of growing shale production in the U.S.
U.S. crude was at $45.11 at 05:00 ET, up 14 cents, or 0.31%. Brent gained 21 cents, or 0.44%, at $47.58.
Energy services company Baker Hughes said on Friday that U.S. drillers added rigs for the 22nd week in a row last week, the longest such streak on record, implying that further gains in domestic production are ahead.
The U.S. rig count rose by six to 747, extending a year-long drilling recovery to the highest level since April 2015.
The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market.
Last month, OPEC and some non-OPEC producers extended a deal to cut 1.8 million barrels per day in supply until March 2018