Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Oil on track for weekly gains ahead of rig count

Published 07/14/2017, 07:57 AM
Updated 07/14/2017, 07:57 AM

Investing.com – Oil was firm Friday remaining on track for weekly gains of about 5% as the latest U.S. rig count is awaited.
U.S. crude was up 40 cents, or 0.87%, at $46.48 at 07:00 ET. Brent added 45 cents, or 0.93%, to $48.87.
The market was underpinned this week by a big draw in U.S. crude inventories.
On the negative side, OPEC compliance with agreed output cuts fell to its lowest level in six months in June.
OPEC and non-OPEC producers have agreed to curb output by 1.8 million barrels a day through to March.
OPEC output also increased in June as Libya and Nigeria raised production.
The two countries have been exempt from the output cut accord.
The curbs have failed to have the desired impact of reducing global inventories.
Baker Hughes U.S. rig count data are due out later in the session.
U.S. drilling activity has increased 24 out of the past 25 weeks.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.