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MTECHTIPS:- Crude prices mixed in Asia with NYMEX down ahead of rig count data

Friday, November 11, 2016 3:45
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MTECHTIPS- Oil prices were mixed in Asia on Friday as U.S. crude fell, but Brent edged higher as U.S. rig count data comes into focus for supply views. Last week, Baker Hughes said the number of rigs drilling for oil in the U.S. rose by 9 to 450, resuming its rise following its first dip in roughly four months in the previous week. On the New York Mercantile Exchange U.S. crude for December fell 0.63% to $44.38 a barrel. Brent crude on the Intercontinental Exchange in London for December delivery rose 0.11% to $45.65. Overnight, oil prices turned lower on Thursday after the International Energy Agency warned that the market risks running another surplus in 2017 without an output cut from OPEC. OPEC reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held in Algeria in late September. However, the 14-member oil group said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30. The possibility that producers could walk away empty-handed from the November meeting looms large after Iraq, Iran, Nigeria and Libya all signaled they might not take part in the proposed production cut deal. Russia’s unclear stance is also fueling uncertainty.


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