MTECHTIPS;-Crude Oil Futures – Weekly Outlook: June 19 – 23

MTECHTIPS;-Crude Oil Futures – Weekly Outlook: June 19 – 23

MTECHTIPS-Oil futures settled a bit higher on Friday, but prices still suffered their fourth straight weekly loss as the market weighed rising U.S. drilling against ongoing efforts by major producers to cut output to reduce a global glut. The U.S. West Texas Intermediate crude July contract inched up 28 cents, or around 0.6%, to end at $44.74 a barrel by close of trade Friday. It touched its lowest since May 5 at $44.22 on Thursday. Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery advanced 45 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 $1.13, or about 2.4%, while Brent fell 78 cents, or roughly 1.6%. Both have now posted losses four weeks in a row, which marks the longest weekly losing streak since August 2015 for WTI. 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 22nd week in a row, the longest such streak on record, implying that further gains in domestic production are ahead. The U.S. rig count rose by six to 747, extending a year-long drilling recovery to the highest level since April 2015. The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market.

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