By Srinivas Chowdary Sunkara // petrobazaar // 28-04-18.
Crude oil price edged lower
Yesterday, Oil price movement was mixed till the after noon which was turned a little down on Baker Hughes report of increase in rig count by 5. Strong dollar also pressed oil prices.The U.S dollar continued strengthening on enjoying high yields and optimism towards the US GDP release. The concern of US pulling Iran sanctions limited the downside momentum. Brent touched $75 during the week and closed with a weekly gain of 0.57 % while US crude lost 0.59% during the week.
Crude oil prices update
US crude futures for June delivery lost 22 cents with 0.32% change, closed at $67.97 a barrel on Nymex while Brent futures to be delivered in June were down by 27 cents with 0.32% slip at $74.47 per barrel on London based ICE futures Europe exchange. In Shanghai, Front month crude futures lost 20 Yuans or 0.045% on INE where as India's MCX May futures closed down by Rs.11.
Rig Count - Summary:
The Houston oilfield service company, Baker Hughes reported that number of operating rigs rose by 8 this week amid rising oil prices and recovery in industry continued. 5 Nos of oil rigs and 3 Nos of Gas rigs were added to bring the total oil count to 825 Nos, additional rigs of 128 compared to last year.Texas added 4 nos while Permian and Eagle Ford lost one of each. Cana Wood Ford basin added 9 rigs.