New York — Oil prices were little changed on Monday as output increases in some top producers eased, but investors continued to await strong indications that an Opec-led effort to drain a glut was proving effective. Libya’s national oil production stands at 1.03-million barrels per day (bpd), little changed from its level since the end of last month, an oil industry official said. US drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. Rig additions over the past four weeks averaged five, the slowest pace of growth since November. Key technical indicators are bullish, with prices rising above the short-term 50-day moving averages, traders said. Brent crude fell 24 cents to $48.67 a barrel by 11.51am EDT (3.51pm GMT). US crude traded at $46.21, down 33 cents. Prices had earlier touched their highest since July 5. "The idea of higher production levels, particularly in the US, Libya and Nigeria ... I think that seems to have been p...
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