Crude ticks up, capping volatile week as U.S. oil rigs move higher
Crude futures ticked up on Friday, capping a volatile week with another choppy session, as the oil rig count in the U.S. moved higher for a third consecutive week.
On the New York Mercantile Exchange, WTI crude for August delivery traded between $45.05 and $46.30 a barrel before closing at $45.95, up $0.27 or 0.55% on the session. On the Intercontinental Exchange (ICE), brent crude for September delivery wavered between $46.66 and $48.05 a barrel, before settling at $47.56 or 0.20 or 0.42% on the day.
Crude ended the week with back-to-back winning sessions, after plunging 4% on Wednesday following a lower than expected supply draw in the U.S. last week. For the week, both the international and U.S. benchmarks of crude closed slightly higher.
On Friday, oil services firm Baker Hughes reported that U.S. oil rigs rose by six to 357 for the week ending on July 8, increasing for the sixth time over the last seven weeks. Despite the continued gains, oil rigs throughout the U.S. are still down by 281 over the last 12 months. The total rig count increased by six to 447, as gas rigs inched up by 1 to 90. During the first week of June, the overall count moved higher for the first time in 2016 ending a 41-week drought.