U.S. crude heads for sharp weekly decline ahead of data on U.S. oil rigs
Friday,
19-Oct-2018
03:51 PM (IST)
Oil prices traded slightly higher on Friday, but U.S. crude was still on track for a sharp weekly decline of 3.2% amid supply concerns.U.S. crude oil futures gained 0.60% to $69.06, while Brent oil traded up 0.93% to $80.03.Losses this week were sparked by data released Wednesday that showed U.S. crude stocks surged by 6.5 million barrels last week, the fourth straight weekly build and almost triple what analysts had forecast.Later on Friday, investors will digest the Baker Hughes’ oil rig count data to gauge U.S. drilling activity.
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