COMMODITY
Crude oil futures end notably higher on Friday
Jul-11-2020

Crude oil futures ended notably higher on Friday taking support with an upward revision energy demand forecast by the International Energy Agency (IEA). The IEA says in its report that the worst of the oil market downturn from the coronavirus pandemic has passed. The agency has raised its demand forecast to 92.1 million barrels per day, up 400,000 barrels per day from its outlook last month, citing a smaller-than-expected second-quarter decline. A report from Baker Hughes said US oil rigs fell by four to 181 this week, their lowest since June 2009, while gas rigs dropped by one to 75, matching its record low hit a couple of weeks ago. Oil rigs count fell by 3 last week. Meanwhile, according to Baker Hughes' report, the total active US rig count fell by 5 to 258.

Crude oil futures for August rose 93 cents or about 2.4 percent to settle at $40.55 a barrel on the New York Mercantile Exchange. September Brent crude added 89 cents or 2.1 percent to settle at $43.24 a barrel on London's Intercontinental Exchange.

  RELATED NEWS >>