Oil Drops 2.4% For The Week

Crude oil futures inched higher Friday, up from yearly lows despite industry data showing the U.S. oil rig count rose for the 22nd week in a row.

WTI oil prices posted a weekly loss of 2.4%, down a 4th week in a row. July WTI oil gained 28 cents, or 0.6%, to settle at $44.74/bbl today.

Baker Hughes said the U.S. rig count rose by 6 to 747, the most since April 2015.

New residential construction in the U.S. unexpectedly showed a steep drop in the month of May, according to a report released by the Commerce Department on Friday.

The report said housing starts slumped by 5.5 percent to an annual rate of 1.092 million in May from the revised April estimate of 1.156 million.
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