Oil Ends Steady On Small US Rig Rise; Eyes On Greece, Iran


NEW YORK, July 10 (Reuters) - Crude futures settled little changed on Friday after data showed the U.S. oil rig count barely rose this week, allaying fears of an acceleration in drilling that could bring on a surfeit of new supply to the market.

Oil had been volatile most of the session.

The market moved up after a rally in Chinese equities in Asian trading overnight and after optimism Greece may have a bailout deal by the weekend. A weak dollar also boosted crude futures.

But a slump in gasoline prices, worries about a potential Iranian nuclear deal and the International Energy Agency's (IEA) forecast of weaker oil demand eventually pulled crude lower.

Industry firm Baker Hughes said U.S. energy firms added five oil rigs this week, the second week of increases in a row, after 29 consecutive weeks of declines.

"We expect rig counts to stay at current levels for the considerable future," said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland.

U.S. crude futures settled down 4 cents at $52.74 a barrel. It rose more than $1 at its height and fell nearly 80 cents at its low.


View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Protection Coordinator
Expertise: Risk Management|Security
Location: TX
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
Project Coordinator, Pipeline Construction
Expertise: Project Management
Location: Spring, TX
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours