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Oil Quotes Down Under Pressure from US Data on Extraction Rigs

Towards midday on Friday oil quotes were down. Brent oil at 12:00 EET was trading at the $62.15 mark per barrel (-0.7%). The price of WTI with August delivery is $56.96 (-0.6%). By yesterday’s close, North Sea oil, according to data from market opening, was trading at $62.57 per barrel, whilst light crude was going for $57.30 a barrel.

Yesterday evening Baker Hughes published some data on the amount of extraction rigs in the USA. The indicator rose by 3 (0.34%) to 862. 640 of these rigs are directly used for the extraction of oil. This news put pressure on the quotes.

The start of next week will be rich with news. On account of intense emotional stress, investors will prefer to head for the US dollar and wait it out. On Monday market capital will catch up with the results of the Greek referendum and on Tuesday the negotiations between the G-6 and Iran will come to a close.

Throughout the trading day, Brent could reach $62.00 per barrel or drop down. WTI is looking to trade in the region of $56.75-57.00 per barrel.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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