MTECHTIPS;-Crude Oil Futures – Weekly Outlook: February 20 – 24

MTECHTIPS;-Crude Oil Futures – Weekly Outlook: February 20 – 24

MTECHTIPS- Oil futures added a few pennies on Friday, but posted their first weekly decline in five weeks as concerns over rising production and swelling stockpiles in the U.S. offset efforts by major producers to cut enough output to reduce a global glut. On the New York Mercantile Exchange, crude oil for delivery in March inched up 4 cents, or less than 0.1%, to end at $53.86 a barrel by close of trade Friday. For the week, New York-traded oil futures slumped 46 cents, or nearly 0.9%. snapping a four-week win streak. Elsewhere, on the ICE Futures Exchange in London, Brent oil for April delivery tacked on 16 cents, or about 0.3%, to settle at $56.70 a barrel by close of trade. London-traded Brent futures scored a loss of 89 cents, or around 1.6%, on the week, the second straight weekly decline. Concerns that the ongoing rebound in U.S. shale production could derail efforts by other major producers to re balance global oil supply and demand pressured crude prices. Data from oilfield services provider Baker Hughes on Friday revealed that the number of active U.S. rigs drilling for oil rose by six last week, the fifth weekly increase in a row. That brought the total count to 597, the most since November 2015. Meanwhile, the U.S. Energy Information Administration said on Wednesday that crude supplies rose by 9.5 million barrels last week to an all-time high of 518.0 million barrels. Gasoline stocks rose 2.8 million barrels, pushing inventories of the fuel to a record at 259.0 million barrels

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