Oil cost are descending on Friday.
West Texas Intermediate crude, the US benchmark, is down by 2.7%
at $49.32 per barrel, while Brent crude, the international
benchmark, is down by 2.4% at $51.72 per tub as of 1:05 p.m.
Prices for both have depressed by about 7% this week.
earlier in the week after a smaller than expected
drawdown in oil inventories and the first burst in gasoline
reserve in several months.
On Thursday, Saudi Arabia’s oil apportion Khalid
at an oil discussion that production
cuts may need to continue, and
added that “there is an initial
agreement that we competence be obligated to extend
to get to the target.”
Kuwait’s oil apportion Essam al-Marzouq said
he expected the agreement to be extended.
However, Russia, which not a member of OPEC, has not
Meanwhile, the US oil-rig count rose by 5 to
688, according information from oilfield-services provider Baker Hughes
expelled on Friday.
This marks the
14th week in a quarrel with an increase.
Get the latest Oil WTI price here.