Crude edges up in Asia with American rig count figures ahead

Crude edges up in Asia with American rig count figures ahead

On Friday, oil extended an overnight soar in Asia, with American rig count figures expected to set the overall tone a bit later.

In New York, December delivery gold futures went up 0.48% being worth $54.80 a barrel. At the same time, in London, Brent futures managed to gain 0.15% reaching $60.48 a barrel.

On Thursday, oil settled higher because everlasting OPEC as well as non-OPEC output drops, powered hopes that global crude market rebalancing was already approaching.

Saudi Arabia kept cutting crude output because in October crude inventories went down considerably, while compliance with the OPEC-led initiative to tame output had appeared to be excellent.

Saudi Arabi expressed a desire to keep conducting output curbs, stressing that OPEC should ensure stockpiles keep falling beyond March.

Market participants are going to closely watch crude rig data slated for Friday just to get a deep insight into American crude output and demand.

 

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