Oil heads higher ahead of OPEC meeting, U.S. rig count
Friday,
21-Sep-2018
03:43 PM (IST)
Oil traded higher on Friday as investors looked ahead to a meeting of the Organization of Petroleum Exporting Countries and the latest weekly measure of U.S. drilling activity.U.S. crude oil futures gained 0.65% to $70.78, while Brent oil traded up 0.91% to $79.42.OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to U.S. sanctions.At 1:00 PM ET (17:00 GMT) Friday, Baker Hughes will release its U.S. rig count, an early indicator of future output.It rose by 7 to 867 last week, hovering near its highest levels since March 2015.
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