MTECHTIPS;-Crude Oil Futures – Weekly Outlook: June 12 – 16

MTECHTIPS;-Crude Oil Futures – Weekly Outlook: June 12 – 16

MTECHTIPS-Oil futures settled a bit higher on Friday, but prices still suffered their third straight weekly loss as the market weighed rising U.S. drilling and swelling stockpiles against efforts by major producers to cut output to reduce a global glut. The U.S. West Texas Intermediate crude July contract inched up 19 cents, or around 0.4%, to end at $45.83 a barrel by close of trade Friday. It touched its lowest since May 5 at $45.20 on Thursday. Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery advanced 29 cents to settle at $48.15 a barrel by close of trade, after hitting a daily trough of $47.40, a level not seen since May 5. For the week, WTI lost $1.83, or about 3.8%, while Brent fell $1.80, or roughly 3.6%. Both have now posted losses three weeks in a row. Concern that the ongoing rebound in U.S. shale production is derailing efforts by other major producers to re balance the market remained in focus. Data from energy services company Baker Hughes showed on Friday that U.S. drillers last week added rigs for the 21st week in a row, the longest such streak on record, implying that further gains in domestic production are ahead

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