empty
 
 

2020.01.1719:30:00UTC+00Crude Oil Futures Settle Flat

Crude oil futures failed to hold early gains and settled near the flat line on Friday, as traders weighed demand and supply position in the oil market.

While data showing that Chinese economy recorded its slowest expansion in almost thirty years, growing just 6.1% in the year 2019, raised concerns about the outlook for energy demand, the signing of the trade deal and buoyant economic data from the U.S. helped ease these concerns.

West Texas Intermediate Crude oil futures ended at $58.54 a barrel, gaining 2 cents for the session. Oil futures rose to $58.98 a barrel earlier in the session.

For the week, crude oil futures shed about 0.8%.

Brent crude futures ended up $0.23 at $64.85 a barrel.

On Thursday, the International Energy Agency said in its report that it expects supply from OPEC will exceed demand for its crude, despite compliance with output cuts.

OPEC too has said supply from non-OPEC nations too far exceeds demand for crude.

According to a report released by Baker Hughes, the number of active U.S. oil rigs increased by 14 to 673 this week. Oil rig count had declined in the previous three weeks.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback