Brent Up, U.S. Crude Dips As Both Post Third Weekly Loss



Reuters

NEW YORK, July 17 (Reuters) - Brent crude rose and U.S. futures dipped on Friday in choppy trading as expectations of increased exports from Iran capped prices and helped both contracts post their third consecutive weekly losses.

Crude prices received support late in the session from Baker Hughes Inc data showing U.S. drillers cut seven rigs this week, after adding rigs the previous two weeks.

"The rig count is a bullish element and might help keep U.S. crude above $50 and we might see some short covering rallies," said Dan Flynn, analyst at Price Futures Group in Chicago.

Earlier, dollar-denominated oil was pressured by the U.S. dollar's strength as it traded near a seven-week high against a basket of currencies after being bolstered Thursday by lower U.S. jobless claims.

Brent September crude gained 18 cents to settle at $57.10 a barrel, off nearly 3 percent for the week and more than 10 percent for the month.

Brent's August contract expired on Thursday.

U.S. August crude, also known as West Texas Intermediate (WTI), fell only 2 cents to settle at $50.89, down more than 3 percent this week and more than 14 percent in July. The August contract expires on July 21.


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