Oil Caps First Monthly Gain Since June as Rig Count Slips
U.S. Oil Is a Bargain Compared to Europe
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Oil rose, capping the first monthly gain since June as U.S. crude producers curbed new drilling.
Drillers in the U.S. cut the number of crude rigs in service to 986 this week, the lowest level since June 2011, according to data from Baker Hughes Inc. Unrest has reduced Libyan production this month while weather delays may reduce shipments from Iraq, bolstering Brent futures traded in London.