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Oil pares weekly gain as US rig count surges, dollar advances

Monday, November 21, 2016 - 05:50

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Oil has retreated since reaching a 2016 high last month near US$52 a barrel amid scepticism about the ability of Opec to implement the deal agreed on Sept 28 in Algiers.

New York

CRUDE pared a weekly gain as US explorers added the most oil rigs in 16 months.  Rigs targeting crude in the US rose by 19 to 471 last week, the highest level since January, Baker Hughes Inc said on its website on Friday. The dollar rallied curbing investor interest in

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