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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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