WASHINGTON (Alliance News) – Crude oil futures jumped above USD50 a barrel Friday despite industry data showing the domestic rig count continued to rise.
US drillers added oil rigs for an 18th week in a row, the second-longest such streak on record, Baker Hughes reported today.
Still, US crude oil inventories have dropped six straight weeks ahead of the summer driving season. Also, OPEC is expected to extend its supply quota plan with Russia for at least another nine months.
Analysts say oil markets will likely re-balance in the coming months, a bullish development for oil prices.
June WTI oil settled at USD50.33/bbl, up 98 cents, or 2% for the session. Prices jumped 5% this week, as traders ignored speculation that President Trump’s pro-growth economic plan could be de-railed by recent scandals.
Copyright RTT News/dpa-AFX