MTECHTIPS:-Crude Oil Gains In Asia On Momentum From Drop In U.S. Rig

MTECHTIPS:-Crude Oil Gains In Asia On Momentum From Drop In U.S. Rig Count

MTECHTIPS-Crude prices gained in Asia on Monday as rig count figures out of the U.S. aided sentiment on the supply outlook. U.S. West Texas Intermediate (WTI) crude futures rose 0.42% to $52.06 a barrel. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., gained 0.28% to $57.91 a barrel. Last week, oil prices settled higher in see-saw trade on Friday, as political tensions in the Kurdistan region continued to disrupt crude supplies. Oil exports from Iraq’s Kurdistan towards the Turkish port of Ceyhan were flowing at average rates of 216,000 barrels per day versus the usual flows of 600,000 bpd, a shipping source said. The supply disruption in Iraq comes amid ongoing political uncertainty in the region following conflict between Iraqi and Kurdish forces. Iraqi troops marched toward Northern Iraq earlier in week and regained control of two major oilfields from Kurdish forces. Meanwhile, in the U.S., investors mulled over data showing oil drilling activity fell for a third week in a row, extending a two-month drilling decline. Oilfield services firm Baker Hughes said Friday that its weekly count of oil rigs operating in the United States fell by seven to 736, the lowest level since June

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