London — Oil rose around 3% on Tuesday, a day after US oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude exports to help curb global oversupply. Brent crude futures rose $1.37 or 2.8% to $49.97 a barrel by 4.06pm GMT. US West Texas Intermediate futures rose $1.39 or 3% to $47.73 a barrel. Lower oil prices in June and July may be affecting US shale production, said Mark Watkins, regional investment manager at US Bank. "Companies are not drilling as fast they had been in the beginning of 2017," he said, "They’re not producing as much because it’s much less profitable with prices in the low $40s." On Monday, Anadarko Petroleum Corp posted a larger-than-expected quarterly loss and said it would cut its 2017 capital budget by $300 million because of depressed oil prices, the first major US oil producer to do so. Earlier, Halliburton’s executive chairman said growth in North America’s rig count was "showing signs of plateauing". "In the ...
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