MTECHTIPS;-Crude oil futures – weekly outlook: August 7 – 11

MTECHTIPS;-Crude oil futures – weekly outlook: August 7 – 11

MTECHTIPS- Oil prices settled higher on Friday, aided by signs of a possible slowdown in U.S. shale production, but they still ended the week with a small loss amid renewed concerns over OPEC’s compliance with the deal to curb production. The U.S. West Texas Intermediate crude September contract tacked on 55 cents, or around 1.1%, to end at $49.58 a barrel by close of trade Friday. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery rose 41 cents, or about 0.8%, to settle at $52.42 a barrel by close of trade. Friday’s gains came after weekly figures from energy services company Baker Hughes showed that the number of active rigs drilling for oil fell by one to 765 last week. It was the second decline in the past three weeks, suggesting early signs of moderating domestic production growth. Despite Friday’s upbeat performance, WTI lost 13 cents, or about 0.3%, for the week, while Brent dipped 10 cents, or roughly 0.2%, amid indications that OPEC exports rose to their highest level of the year, despite the current pact to reduce output

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