Crude oil prices drifted lower on Friday, snapping a four-session winning streak.
Oil futures scored strong gains in recent sessions, thanks largely to upward revisions in global oil demand forecast by the International Energy Agency and the Organization of the Petroleum Exporting Countries, and data showing a larger than expected drop in crude inventories in the U.S. last week.
Data showing a surge in China’s oil imports contributed as well to oil’s rise in recent sessions.
West Texas Intermediate Crude oil futures for May settled lower by $0.33 or about 0.5% at $63.13 a barrel. However, the contract gained nearly 6.5% in the week.
Brent crude futures settled lower by about 0.24% at $66.77 a barrel.
Meanwhile, a report from Baker Hughes said U.S. energy firms added oil and natural gas rigs for a fifth week in a row for the first time since February. The US drilling rig count rose by seven to 439 this week, the report said.
Oil rigs increased by seven to 344 and natural gas rigs rose by one to 94, according to Baker Hughes data.
Start Forex Trading With As Little As $1
Because you can have a Live and a Demo trading desks within one AGEA account:
- You can start trading on demo account which already has $10,000 virtual funds.
- You can claim your $5.00 Welcome Bonus and start live forex trading without extra deposit.
- You can deposit and add more funds to your trading account.
How to Get the $5 Bonus?
To receive your $5.00 welcome bonus, you need to verify your account:
- a) Picture Identification: (i.e. passport, driving license or government-issued ID). This document must include picture, full name, date of birth and expiration date.
- b) Address Confirmation: Acceptable forms of proof of residence include, but are not limited to, a utility bill (water, gas, electricity or similar), telephone bill, bank statement, credit card statement, mortgage statement, tax correspondence, official government-issued identity card (this must not be the same document as provided for the proof of identity). This document must contain full name, complete residential address and be dated within the last six months.