Oil Set to Cap First Monthly Gain Since June as Rig Count Slips

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. "The oil rig count is down for a 12th straight week," Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut, said by phone.

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