Crude demonstrates mild ascend in Asia ahead of American rig count data

Crude demonstrates mild ascend in Asia ahead of American rig count data

On Friday, crude staged a moderate soar in Asia, with American crude approaching the key $50 a barrel mark ahead of weekly rig count data supposed to set the near-term tone ahead of next week's gathering of OPEC as well as allied producers on output dips.

In New York, June delivery crude futures added 0.85%, being worth $49.77 a barrel. As for London, in this city Brent futures acquired 0.70%, being worth $52.88 a barrel.

In figures posted last Friday, oilfield services company Baker Hughes announced that American drillers gained 9 crude rigs just to take the total to 712 rigs for the 17th weekly revenue in a row, thus extending an 11-month drilling revival to the highest value since August 2015, suggesting that further revenues in domestic production are ahead.

Overnight, oil climbed up because traders remained quite upbeat as for OPEC would reach an anticipated agreement in order to extend the current supply-cut deal beyond June at its scheduled gathering next week.



ECB Meeting

Traders are impatiently waiting for the European Central Bank’s meeting on October 26…


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