MTECHTIPS;-Crude drifts weaker in Asia with Baker Hughes rig count

MTECHTIPS;-Crude drifts weaker in Asia with Baker Hughes rig count eyed

MTECHTIPS-Crude prices gave up early gains in Asia on Friday with rig count figures from the U.S. and further signals on demand expected to be the main drivers of views now swinging back to a market re balanced. On the New York Mercantile Exchange crude futures for September delivery fell 0.10 to $48.99 a barrel, while on London’s Intercontinental Exchange, Brent eased 0.08% to $51.45 a barrel. Ahead, the Baker Hughes weekly rig report for U.S. activity will set the tone on supply prospects. Overnight, crude futures settled higher on Thursday, as investors continue to cheer signs that rising demand will offset excess supplies in the second half of the year amid a larger-than-expected draw in U.S. supplies. Crude advanced to eight-week highs on Thursday, as investor expectations grew that U.S. crude supplies would continue to drop during the second half of the year, easing the global glut in supply. The Energy Information Administration (EIA) reported Wednesday, crude and gasoline stockpiles fell by more than expected last week, pointing to an uptick in demand for crude and refinery activity.

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