Crude oil futures rose Friday, trimming weekly losses after a report showed global oil demand is rebounding.
Global oil demand is expected to reach 1.5 million barrels per day this year, the IEA said, revising up its July forecast from 1.4 million. In 2018 demand is seen growing by a further 1.4 million.
Meanwhile, Baker Hughes reported that the number of active U.S. rigs drilling for oil climbed by 3 to 768 rigs this week. However, the total active U.S. rig count including nat gas rigs fell by 5 to 949
Sept. WTI oil up 23 cents, or 0.5%, for the session to settle at $48.82/bbl, but were down 1.5% this week. Natural gas was up 7.5% after domestic supplies rose at a small pace.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex News