Crude Oil Down Today, Nat Gas Spikes Greater

By | August 11, 2017

Crude oil futures rose Friday, trimming weekly losses after a report showed worldwide oil demand is rebounding.

Global oil need is anticipated to reach 1.5 million barrels each day this year, the IEA said, modifying up its July projection from 1.4 million. In 2018 need is seen growing by an additional 1.4 million.

Meanwhile, Baker Hughes reported that the variety of active U.S. rigs drilling for oil climbed by 3 to 768 rigs this week. The total active U.S. rig count including nat gas rigs fell by 5 to 949

Sept. WTI oil up 23 cents, or 0.5%, for the session to settle at $48.82/ bbl, but were down 1.5% today. Natural gas was up 7.5% after domestic supplies increased at a little speed.

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