Singapore — Oil prices firmed on Monday after a dip in the number of US rigs drilling for new production, with crude holding just below the highs of nearly three years reached last week. US West Texas Intermediate (WTI) crude futures were at $61.62 a barrel at 3.44am GMT, 18c or 0.3% above their last settlement, and not far off the $62.21 May 2015 high reached last week. Brent crude futures were at $67.77 a barrel, up 15c or 0.2% from their last close. Brent hit $68.27 high last week, the highest since May 2015. Traders said the gains were due to a slight decline in the number of US rigs drilling for new production, which eased by five in the week to January 5, to 742, according to data from oil services firm Baker Hughes. Despite this, US production is expected to break through 10-million barrels a day very soon, largely thanks to soaring output from shale drillers. Only top producers Russia and Saudi Arabia produce more. "The US oil price is now into a range that is anticipated to...
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