MTECHTIPS;-Crude gains in Asia with U.S. rig count data ahead

MTECHTIPS;-Crude gains in Asia with U.S. rig count data ahead

MTECHTIPS-Crude gained in Asia on Friday ahead of weekly U.S. rig count figures that will set the near-term tone, though tension on the Korean peninsula and the ability of OPEC and allies to keep output cuts on track retain center stage. On the New York Mercantile Exchange crude futures for September delivery rose 0.14% to $48.66 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.13% to $51.94 a barrel. Overnight, crude futures settled lower on Thursday, as market participants questioned Opec’ s commitment to the global pact to curb production in the wake of a report showing crude output among the group’s members rose in July. In a monthly report Thursday, the Organization of the Petroleum Exporting Countries raised its outlook for oil demand this year by 100,000 barrels a day, saying it now expects growth of 1.37 million barrels a day in 2017. The cartel also said, however, that production from the group rose further in July, as exempt producers – Nigeria and Libya – and top exporter Saudi Arabia increased output

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