MTECHTIPS:-Crude oil futures – weekly outlook: July 17 – 21


MTECHTIPS:-Crude oil futures – weekly outlook: July 17 – 21

crud ili

MTECHTIPS- Oil prices settled higher for the fifth session in a row on Friday, to score a weekly gain of roughly 5% as investors cheered data suggesting that demand for oil will pick up during the second half of 2017. The U.S. West Texas Intermediate crude August contract tacked on 46 cents, or around 1%, to end at $46.54 a barrel by close of trade Friday. It touched its highest since July 5 at $46.74 earlier. Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery rose 49 cents, or 1%, to settle at $48.91 a barrel by close of trade, after touching a more than one-week peak of $49.11 earlier in the session. For the week, WTI gained $2.31, or about 5%, while Brent rose $2.20, or roughly 4.5%, aided by reports of accelerating demand growth from the International Energy Agency, crude oil import growth in China and falling crude stocks in the U.S. Despite recent gains, concerns over rising global supplies remained on investors’ minds. U.S. drillers added two oil rigs in the week to July 14, energy services company Baker Hughes announced on Friday. This brings the total count up to 765, the most since April 2015, underlining concern that the ongoing rebound in U.S. shale production is derailing efforts by other major producers to re  balance the market

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