Drill rig count climbs seventh week to highest since February Libyan crude output increases to 560,000 barrels a day: NOC Oil extended declines after U.S. producers increased drilling as the market contends with an overhang of crude inventories at the highest seasonal level in at least three decades. Futures lost as much as 0.8 percent in New York after slipping 0.2 percent Friday. Rigs targeting crude rose for a seventh week to the highest since February, Baker Hughes Inc. said on its website. That followed the first gain in U.S. inventories in six weeks. Output from OPEC’s Libya expanded to 560,000 barrels a day, according to a National Oil Corp. official, compared with a reported production rate of 540,000 a barrels a day last week. Oil has fluctuated near $50 a barrel amid speculation over the ability of the Organization of Petroleum Exporting Countries to implement an agreement to […]