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Crude Oil Futures End Slightly Higher
Crude oil futures settled modestly higher on Friday despite higher crude inventories and renewed uncertainty about U.S.-China trade deal.
West Texas Intermediate Crude oil futures for December ended up $0.09, or 0.2%, at $57.24 a barrel.
On Thursday, WTI crude oil futures ended up $0.80, or 1.4%, at $57.15 a barrel.
WTI crude oil futures gained about 1.9% in the week.
Brent Crude oil futures ended up $0.26, at $62.56 a barrel.
Oil prices edged lower earlier in the session, weighed down by comments by the U.S. President Donald Trump that he has not agreed to roll back tariffs on Chinese goods.
Trump’s comments came after both the U.S. and China said on Thursday that they have agreed to roll back tariffs on each other’s goods if the interim trade deal is completed.
However, subsequent reports said Trump’s key advisers were opposing the proposal to cut tariffs on Chinese goods.
According to Baker Hughes, the number of active U.S. rigs drilling for oil dropped by 7 to 684 this week, falling for the third successive week. The total active U.S. rig count, meanwhile, also fell by 5 to 817, according to the data released.
Data released by the Energy Information Administration Wednesday morning said crude oil stockpiles increased by 7.9 million barrels in the week ended November 1, more than five times the expected increase.
The material has been provided by InstaForex Company – www.instaforex.com
