Crude Oil News :- Commodity Tips

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Extending winning streak for the third straight day, Crude oil prices settled higher on Friday as global equities headed for their biggest weekly gain in six years and as the dollar slipped to a three-year low. Investor shrugged off data showing that the number of US oil rigs jumped for the fourth straight week. According to data from energy services firm Baker Hughes, US drillers added 16 rigs to bring the count to 798, the highest level since April 2, 2015. The US shale book has offset OPEC's supply quota plan that was intended to end the global oil surplus.

 

Benchmark crude oil futures for March delivery surged 34 cents or 0.6 percent, at $61.68 a barrel on the New York Mercantile Exchange. April Brent crude gained 51 cents or 0.8 percent to settle at $64.84 a barrel on London’s Intercontinental Exchange. 

 

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