WASHINGTON (Alliance News) – Crude oil futures were slightly lower Friday, having dropped every day this week amid signs that US production continues to skyrocket.
Baker Hughes releases its oil rig count data this afternoon. Domestic drillers have added rigs almost every week this year, hoping to take advantage of stable oil prices near USD50 a barrel.
The US shale production has offset supply quotas from OPEC and Russia. The cartel is expected to extend its supply quota plan through all of 2017.
WTI light sweet crude oil was down 7 cents at USD50.28 a barrel.
On the economic front, US flash purchasing managers indexes for April are due at 9:45 a.m. ET, while existing home sales for March come out at 10 a.m.
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