Crude climbs up in Asia on weekly American rig count

Crude climbs up in Asia on weekly American rig count

On Friday, crude prices managed to earn in Asia, with the market looking ahead to American rig count figures.

In New York, August delivery crude futures leapt 0.23%, trading at $42.84 a barrel. In London, Brent crude futures leapt 0.18%, being worth $45.30 a barrel.

In America, the overall number of rigs drilling for crude has soared for 22 straight weeks with the latest report due on Friday from oilfield services company Baker Hughes with market participants eagerly looking forward to find out if recent price dips in oil are provoking a re-think on drilling plans or not.

On Thursday, tropical storm Cindy made landfall close to Lake Charles, Louisiana, having disrupted certain operations in the Gulf of Mexico, the exact place where approximately 17% of American crude as well as 5% of dry natural gas are extracted. As for the storm, it’s currently on the wane.

Overnight, oil futures managed to settle higher, thus paring some of the losses faced in recent sessions, although market sentiment was still bearish because traders kept fretting about ascending global stockpiles.

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