Oil traded near $45 a barrel after four weekly declines as U.S. drillers continue adding rigs and Libya boosts output, blunting OPEC-led efforts to rebalance an oversupplied market.

Futures were little changed in New York after capping the longest run of weekly declines since August 2015. U.S. drillers targeting crude added rigs for a 22nd straight week, the longest stretch in three decades, according to data Friday from Baker Hughes Inc. Libya is producing the most oil in four years after a deal with Wintershall AG enabled at least two fields to resume production. Bloomberg