Crude Oil Pulls Back After 4-year Peak, Rig Count Eyed
Crude oil futures were lower Friday morning as traders continued to weigh yesterday’s suprising U.S. oil inventories report.
Crude inventories rose 1.2 million barrels in the week to June 29, compared with analysts’ expectations for a decrease of 3 million barrels, according to the EIA.
That’s also in contrast to Tuesday’s industry data from the American Petroleum Institute, which said U.S. crude supplies fell by 4.5 million barrels for the week ended June 29.
Markets will be paying close attention this afternoon as the Baker Hughes rig count report may signal the U.S. shale oil boom is losing steam. The rig count has leveled off in the past few weeks after rising sharply this Spring.
On the economic front, the U.S. added 213,000 jobs, but the unemployment rate rose to 4% as more people joined the workforce.
WTI light sweet oil was down 57 cents at $72.37 a barrel, having slipped from a 4-year peak near $75.