Oil Futures Settle Higher For The Day, But Posts Weekly Loss
Crude Oil futures settled higher on Friday, extending gains to a fourth successive session, amid reports about a likely reduction in oil exports from Saudi Arabia next month and the shutting down of a distillation unit at Venezuela's Amuay oil refinery.
Crude oil futures for August ended up $1.00 or 1.4%, at $70.46 a barrel on the New York Mercantile Exchange. Crude oil futures for August delivery ended up $0.70 or 1%, at $69.46 a barrel on Thursday, after touching a low of $67.80.
Oil futures for September were up $0.02 at $68.26 a barrel by the end of today's session.
However, for the week, August futures contract shed about 0.8%, amid rising concerns about U.S. — China trade war.
U.S. President Donald Trump has reportedly indicated at imposing tariffs on over $500 billion worth of Chinese goods to the U.S. in the event of China failing to back down on its trade policies.
Saudi Arabia's governor to the Organization of the Petroleum Exporting Countries said recently that crude exports from the kingdom may drop by around 100,000 barrels a day in August, as the country wants to ensure there is no oversupply in the market.
Meanwhile, according to a report from Baker Hughes, the number of U.S. oil rigs fell by 5 this week to 858. Over the last one year, the rig count has gone up by 94, from 764 rigs, the report showed.