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MTECHTIPS:-NYMEX crude weaker in Asia as market looks ahead to U.S. rig count data

MTECHTIPS:-NYMEX crude weaker in Asia as market looks ahead to U.S. rig count data

Crude oil prices dipped in Asia on Friday as investors looked ahead to U.S. rig count data as a supply potential gauge. On the New York Mercantile Exchange, WTI crude for September delivery eased 0.36% to $42.08 a barrel. more than three weeks. Last week, industry research group Baker Hughes (NYSE: BHI) said that the number of rigs drilling for oil in the U.S. increased by six in the previous week to 670, the third straight weekly gain. There are still about 60% fewer rigs working since a peak of 1,609 in October, though the pace of declines has slowed considerably in recent weeks, fueling concerns that U.S. shale production could rebound in the months ahead. Overnight, U.S. crude futures fell to fresh six-year lows on Thursday amid a stronger dollar, as energy traders continued to unload long positions upon concerns of a glut of oversupply on global markets. On the Intercontinental Exchange (ICE), Brent crude for September delivery traded between $49.26 and $50.83, before settling at 49.59, down 0.59 or 1.18%. The spread between the international and U.S. benchmarks of crude stood at 7.36, above Wednesday’s level of $6.93 at the close.
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