Oil Futures Settle Lower For The Day, Gain Nearly 6.5% In Week

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Crude oil prices drifted lower on Friday, snapping a four-session winning streak.

Oil futures scored strong gains in recent sessions, thanks largely to upward revisions in global oil demand forecast by the International Energy Agency and the Organization of the Petroleum Exporting Countries, and data showing a larger than expected drop in crude inventories in the U.S. last week.

Data showing a surge in China’s oil imports contributed as well to oil’s rise in recent sessions.

West Texas Intermediate Crude oil futures for May settled lower by $0.33 or about 0.5% at $63.13 a barrel. However, the contract gained nearly 6.5% in the week.

Brent crude futures settled lower by about 0.24% at $66.77 a barrel.

Meanwhile, a report from Baker Hughes said U.S. energy firms added oil and natural gas rigs for a fifth week in a row for the first time since February. The US drilling rig count rose by seven to 439 this week, the report said.

Oil rigs increased by seven to 344 and natural gas rigs rose by one to 94, according to Baker Hughes data.

The material has been provided by InstaForex Company – www.instaforex.com

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