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MTECHTIPS;-NYMEX crude up in Asia as investors await U.S. rig count figures

Friday, October 14, 2016 5:00

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MTECHTIPS;-NYMEX crude up in Asia as investors await U.S. rig count figures

MTECHTIPS- Crude oil edged up in Asia on Friday with U.S. rig count data on tap expected to set the tone. Crude oil for November delivery on the New York Mercantile Exchange rose 0.36% to $50.62 a barrel. Last week, oilfield services provider Baker Hughes said the number of rigs drilling for oil in the U.S. last week rose by 3 to 428, marking the 14th increase in 15 weeks. Overnight, in a knee-jerk reaction, West Texas Intermediate oil futures extended losses, falling below the $50 level, in North American trade on Thursday, after data showed that oil supplies in the U.S. registered a massive build. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 4.900 million barrels in the week ended October 7. Market analysts’ expected a crude-stock increase of 0.65 million barrels, while the American Petroleum Institute late Wednesday reported a supply build of 2.7 million barrels. The reports came out one day later than usual due to Monday’s Columbus Day holiday. Supplies at Cushing, Oklahoma, the key delivery point for NYMEX crude, fell by 1.318 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 474.0 million barrels as of last week, according to press release which, as of this week, no longer

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