CRUDE OIL LEVELS OFF NEAR USD53, RIG COUNT ON TAP

Oil-Field

WASHINGTON (Alliance News) – Crude oil futures fell Friday morning, unable to sustain any direction amid speculation US supplies will continue to rise.

With American companies adding rigs at a strong pace, stockpiles have jumped sharply at US storage facilities.

That’s helping to offset OPEC and Russia’s supply cuts.

The Baker Hughes North American rig count, that tracks weekly changes in the number of active operating oil & gas rigs, will be published at 1.00 pm ET. In the previous week, the North American Rig Count was 1036, while US rig count reached 694.

WTI light sweet crude oil was down 36 cents at USD53.43 a barrel this morning.

On the economic front, the Commerce Department’s durable goods orders data for December will be released at 8.30 am ET. The economists are looking for new order growth of 2.6%, while it reported a decline of 4.6% last year.

The Commerce Department’s gross domestic product figures will be out at 8.30 am ET. The consensus for real GDP is a growth of 2.2%, while it was 3.5% in the previous quarter.

The Institute for Social Research of the University of Michigan’s Consumer Sentiment Data for January will be released at 10.00 am ET. The consensus is for 98.2, slightly up from 98.1 last year.

The Baker Hughes North American rig count, that tracks weekly changes in the number of active operating oil & gas rigs, will be published at 1.00 pm ET. In the previous week, the North American Rig Count was 1036, while US rig count reached 694.

Copyright RTT News/dpa-AFX

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