Crude holds profits in Asia ahead of American rig count data

Crude holds profits in Asia ahead of American rig count data

On Friday, crude held profits in Asia ahead of American rig count data with financial markets in a holding pattern ahead of a May 25 gathering of OPEC as well as non-OPEC nations in Vienna expected to extend a pact to tame crude output.

In New York, June delivery crude futures added 0.13%, being worth $47.89 a barrel, while in London, Brent crude futures soared 0.08%, trading at $50.81 a barrel.

On Friday, oilfield services company Baker Hughes is expected to report weekly American rig count data. The previous week it informed that rigs grew by 6 to 703, thus demonstrating the sixteenth straight weekly soar.

Overnight, crude futures tacked on because investor sentiment was still optimistic amid a large drawdown in American crude stockpiles, while expectations for an extension of the OPEC-led deal obtained a boost.

Meanwhile, Iraq and Algeria raised hopes that the OPEC-led supply-cut agreement could be extended beyond June, right after both nations announced they would underpin a deal extension.

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