2017.01.2008:18:00UTC+00Crude Oil Rises Ahead Of U.S. Rig Count

Crude oil futures were higher Friday morning, unable to sustain any direction in recent weeks as markets look for assurance that OPEC is indeed cutting supplies.

The cartel says that key members Saudi Arabia, Kuwait and the UAE have already cut production in agreement with Russia.

However, U.S. and Canadian production may offset much of the reductions from the Middle East and Russia. The International Energy Agency predicts that non-OPEC production will rise significantly in 2017.

The Baker Hughes North American rig count data that tracks weekly changes in the number of active operating oil & gas rigs is expected at 1 pm ET. Last week, North American rig count was 974, while rigs in U.S. were 659.

The domestic rig count is the highest in more than a year, as U.S. companies are feeling comfortable about oil price stability north of $50.

WTI light sweet crude oil was up 73 cents at $52.10 a barrel this morning.