Singapore — Crude oil rose for a sixth consecutive session on Thursday to its highest since June 19 on a decline in US output, but ongoing concern about global oversupply continued to drag. US West Texas Intermediate (WTI) crude had risen 28c, or 0.6%, to $44.01 a barrel by 2.15am GMT, while benchmark Brent futures gained 28c, or 0.6%, to $47.59 a barrel. "The fast ramp-up in shale drilling and the unexpectedly large rebound in Libya/Nigeria production are on track to slow the 2017 stock draws," investment bank Goldman Sachs said. "This creates risks that the normalisation in inventories will not be achieved by the time the Opec cut ends next March. We expect this will leave prices trading near $45 [a barrel] until there is evidence of a decline in the US horizontal oil rig count, sustained stock draws or additional Opec production cuts." The US Energy Information Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels ...
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