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MTECHTIPS;-NYMEX crude gains in Asia with U.S. rig count data ahead

Thursday, September 29, 2016 23:54

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MTECHTIPS;-NYMEX crude gains in Asia with U.S. rig count data ahead

MTECHTIPS- Crude prices showed a mild gain in Asia on Friday with details of an OPEC curb on output yet to filter fully through and investors in the near term awaiting rig count data in the U.S. Crude oil for November delivery on the New York Mercantile Exchange rose 0.19% to $47.79 a barrel. Oilfield services provider Baker Hughes said last week that the number of rigs drilling for oil in the U.S. last week rose by 2 to 418, marking the 12th increase in 13 weeks. Overnight, oil prices retreated during North American hours on Thursday, after surging by as much as 6% a day earlier, as the initial euphoria over a preliminary agreement on oil output faded amid doubts over how OPEC would implement such a plan. Crude soared on Wednesday after OPEC members surprised the market by agreeing to cut oil output in the first such deal since 2008 in talks held on the sidelines of an energy conference in Algeria. The 14-member bloc, however, deferred the task of finalizing a plan to make those cuts until November. Brent oil for December delivery on the ICE Futures Exchange in London dipped to $49.62 a barrel. On Wednesday OPEC reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day, a reduction of 0.7%-to-2.2% from its current output of 33.2 million barrels. However, the market remained skeptical of the deal, pondering how such a plan would be implemented. Some analysts cautioned that the agreement left out crucial details on how much each country will produce

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