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Oil Futures Snap 5-day Winning Streak, Settle Lower For The Day

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Oil Futures Snap 5-day Winning Streak, Settle Lower For The Day

Crude oil futures settled lower on Friday, snapping a five-day winning streak, as traders took some profits and looked ahead to the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

OPEC and its allies, collectively known as OPEC+, will meet on June 1 to consider the current oil market situation and decide on production levels. It is widely expected that the members will agree on a production hike as earlier proposed.

West Texas Intermediate Crude oil futures for July ended down by $0.53 or about 0.8% at $66.32 a barrel. WTI crude futures gained more than 4% in the week.

Brent crude futures were down $0.38 or 0.54% at $68.82 a barrel a little while ago.

Recent data from Energy Information Administration (EIA) that showed a larger than expected drop in crude inventories in the week ended May 21st helped limit oil’s downside today.

Data released by Baker Hughes showed U.S. rigs drilling for oil increased by 3 to 359 this week, rising for a fourth consecutive week. The total active U.S. rig count, including those drilling for natural gas, climbed by 2 to 457.

The material has been provided by InstaForex Company – www.instaforex.com