A great oil surge
As usual, the reason is hidden in US political games…
Crude holds small revenues in Asia
On Friday, crude prices held revenues in Asia, with the market poised for the latest American weekly rig count figures just to set the overall tone and looking to France’s upcoming presidential elections.
In New York, May delivery crude futures soared 0.14%, hitting $50.78 a barrel, while in London, Brent crude futures surged 0.08%, trading at $53.05 a barrel.
On Friday, oilfield services company Barker Hughes is expected to report weekly rig count data, closely watched as the American shale crude industry's aggressive response to higher prices. The previous week, Baker Hughes told that the weekly American rig count edged up by 11 to 683, for the thirteenth straight weekly surge.
Overnight, oil settled lower on Thursday, as worries over ascending American crude output compensated bullish comments from crude producers on a probable extension to the OPEC-led deal to tame global supply.
The glut in American inventories arose just a day after the EIA’s monthly Drilling Productivity data disclosed that American shale output was set to surge to 5.19 million barrels a day in May.
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