(Bloomberg) -- Oil held above $58 a barrel as U.S. explorers reduced drilling to the lowest in more than a year at a time of escalating trade tensions with China.
Futures in New York were little changed after rising 1.2% on Friday. Working U.S. rigs fell by 5 last week to 797, the lowest since March last year, according to data released Friday by Baker Hughes. Meanwhile, money managers reduced their bets on a rally in U.S. crude to the lowest in two months during the week ended May 21, U.S. Commodity Futures Trading Commission data show.
To contact the reporter on this story: Heesu Lee in Seoul at hlee425@bloomberg.net
To contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Andrew Hobbs
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