MTECHTIPS;-Crude Oil Futures – Weekly Outlook: January 30 -February 3

MTECHTIPS;-Crude Oil Futures – Weekly Outlook: January 30 – February 3

MTECHTIPS- Oil futures finished lower on Friday, logging a modest weekly loss, as investors turned their attention to rising production in the U.S. and away from OPEC and other producers’ commitment to curbing global oversupply. On the New York Mercantile Exchange, crude oil for delivery in March slumped 61 cents, or around 1.1%, to end at $53.17 a barrel by close of trade. Futures touched a high of $54.08 earlier, the strongest level since January 6. For the week, New York-traded oil futures lost 5 cents, or about 0.1%. Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery declined 72 cents, or nearly 1.3%, to settle at $55.45 a barrel by close of trade Friday. Prices climbed to a three-week high of $56.55 in the prior session. London-traded Brent futures scored a gain of 7 cents, or approximately 0.1%, on the week. Prices dropped to the lowest levels of the session after oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by 15 last week, the 12th gain in 13 weeks. That brought the total count to 566, the most since November 2015. The data raised concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand. Futures have been trading in a narrow range around the low-to-mid $50 s over the past month as sentiment in oil markets has been torn between expectations of a rebound in U.S. shale production and hopes that oversupply may be curbed by output cuts announced by major global producers