empty
 
 

2021.07.3019:18:00UTC+00Crude Oil Futures Settle Modestly Higher For The Day, Gains 2.6% In Week

Crude oil futures settled higher on Friday amid hopes energy demand will grow faster than supply despite a resurgence in coronavirus infections across the globe.

West Texas Intermediate Crude oil futures for September ended up by $0.33 or about 0.5% at $73.95 a barrel, after climbing to a high of $74.23 a barrel.

WTI Crude futures gained about 2.6% in the week. Oil futures added 0.7% in July, gaining for a fourth straight month.

Brent crude futures were up $0.17 or 0.22% at $75.27 a barrel a little while ago.

A report from Baker Hughes today said the number of active U.S. rigs drilling for oil dropped by two to 385 this week, falling for the first time after four weeks. The total active U.S. rig count, which includes those drilling for natural gas, declined by 3 to 488.

Although coronavirus cases are rising in the U.S., Asia and parts of Europe, traders hope higher vaccination rates would help demand grow faster than supply.

Meanwhile, Saudi Arabia is expected to raise prices across various grades of crude oil it sells to Asia in September for a second straight month, says a report from Reuters.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback