Petroleum Up 5.1% For The Week

By | September 15, 2017

Petroleum futures were flat Friday, holding strong weekly gains after market data revealed the United States oil well count dropped for a second week post-hurricanes.

Baker Hughes reported the variety of active U.S. rigs slipped by 8 to 936, as refineries struck by Typhoon Harvey also went offline.

WTI light sweet crude oil, which briefly leapt above $50 a barrel, settled unchanged at $49.89 for the day. Prices were up 5.1% for the week.

In financial news, U.S. retail sales dipped by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July. Financial experts had actually expected retail sales to inch up by 0.1 percent compared to the 0.6 percent boost originally reported for the previous month.

With Typhoon Harvey negatively affecting output, the Federal Reserve launched a report on Friday suddenly showing a noteworthy decline in U.S. commercial production in the month of August.

The material has actually been supplied by InstaForex Company – www.instaforex.com

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