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Oil Futures Extends Losing Streak To 7th Session

Oil Futures Extends Losing Streak To 7th Session

Crude oil futures drifted lower on Friday amid worries about outlook for energy demand due to spikes in coronavirus cases and possible fresh restrictions on movements in several countries.

A stronger dollar amid China’s crackdown on the once high-flying technology firms and rising prospects of tighter monetary measures from the Federal Reserve also weighed on crude oil prices.

West Texas Intermediate Crude oil futures for September ended down by $1.37 or about 2.2% at $62.32 a barrel, on the expiration day.

New front-month contract, WTI crude futures for October shed $1.36 or about 2.1%. WTI futures have now shed about 10.4% in seven sessions.

Brent crude futures were down $1.37 or 2.07% at $65.08 a barrel.

According to a report released by Baker Hughes, the total count of U.S. active drilling rigs increased by three to 503 this week.

Drilling rigs targeting crude oil rose by 8 to 405 after rising by 10 in the previous week. Gas rigs fell by 5 to 97 this week. The total count is roughly double the 254 rigs actively drilling a year ago.

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