Weekly

Weekly Commodity Outlook:


HIGHLIGHTS:

Crude oil futures ended higher on Friday, despite data showing a ramp up in the number of US oil rigs, signalling a potential expansion in domestic crude output. Oilfield services firm Baker Hughes reported that the number of US oil drilling rigs in operation rose by 5 to 863 in the week to June 29. That comes on the back of two-straight weeks of falling rig counts. However, the prices were supported by ongoing bets on a shortage in global crude supplies amid rising oil demand, the potential for a larger drop in Iranian crude exports - amid looming US sanctions - and ongoing challenges in Venezuela's energy industry. Benchmark crude oil futures for August delivery surged 86 cents or 1.2 percent to settle at $73.80 a barrel on the New York Mercantile Exchange. September Brent crude declined 28 cents or 0.4 percent at $77.11 a barrel on London’s Intercontinental Exchange.

Tags: Technical


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