U.S. oil prices rallied strongly this week on expectations of continued falling U.S. production, though the market failed to close above the key mark of $50 a barrel. After falling to six-year lows in August, the oil market now appears to be looking past current seasonal weakness and growing stockpiles. Some analysts say the market is less oversupplied than it was in the first half of the year, though exact data is difficult to pin down. Prices traded above $50 a barrel on Thursday and Friday for the first time since July but failed to close above that level. As prices climb to multi-month highs, producers are using the futures market to lock in prices for future production, which then pushes prices back down, said John Saucer, vice president of research and analysis at Mobius Risk Group. U.S. oil producers have cut drilling costs this year and gotten […]