Crude sags in Asia as American rig count gains

Crude sags in Asia as American rig count gains

On Monday, crude went down in Asia because the market digested fresh additions to the American rig count the previous week as well as firm output in the US.

January delivery US West Texas Intermediate crude futures dived 0.51% hitting $57.07 a barrel. Besides this, ICE Brent futures lost 0.38% hitting $63.09 a barrel.

This week crude traders are going to view monthly reports from OPEC and also the International Energy Agency for the purpose of evaluating global oil demand and supply levels. The given data will provide investors with a better picture of whether a rebalancing is taking place worldwide in the oil market or not.

The previous week, crude concluded higher on Friday, driven by signs of ascending crude demand in China, although prices didn’t’ manage to avoid a weekly loss amid worries over soaring output in America.

February Brent crude futures added 1.9% setting at $63.40 a barrel. Brent lost 0.6% for the week.

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