Saturday 23 November 2019

Crude oil futures end lower as traders take some profits following recent gains

Crude oil futures ended lower on Friday with traders taking some profits following recent gains. Concerns over the delay in the US and China closing in on an interim trade deal, and worries about energy demand outlook due to global economic slowdown weighed on oil prices. 
 
However, Baker Hughes reported a fifth consecutive weekly decline in the US oil-rig count. The number of active US rigs drilling for oil fell by 3 to 671 this week. The front-month US benchmark West Texas Intermediate (WTI) contract ended 0.1% lower for the week, while Brent, the global benchmark, saw weekly gain of roughly 0.1% weekly gain.

Benchmark crude oil futures for January fell 81 cents or 1.4 percent to settle at $57.77 a barrel on the New York Mercantile Exchange. January Brent dropped 58 cents or 0.9 percent to settle at $63.39 a barrel on London's Intercontinental Exchange.

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