Home / TIPS / MTECHTIPS:-Crude oil futures – weekly outlook: October 12 – 16

MTECHTIPS:-Crude oil futures – weekly outlook: October 12 – 16

 MTECHTIPS:-Crude oil futures – weekly outlook: October 12 – 16

Crude oil prices were little changed at the end of a volatile session on Friday having failed to close above the $50 level, but expectations for continued declines in production underpinned prices. On the New York Mercantile Exchange, crude oil for delivery in November ended at $49.51, the highest closing price since July, but off the day’s highs of $50.92. For the week, New York-traded oil futures rallied 8.9%, the largest weekly percentage gain in six weeks. On the ICE Futures Exchange in London, the November Brent contract ended flat at $52.91 a barrel in late trade. Brent posted a weekly percentage gain of 9.39%, also the strongest weekly performance in six weeks. Oil-field-services provider Baker Hughes (N:BHI) said the number of working rigs fell by 9 to 605 for the week ending October 9, the lowest number since July 2010. It was the sixth consecutive weekly decline. The rig count is seen as a guage of future production.

WWW.MTECHTIPS.COM

07489294118-119

About mtechtips

Leave a Reply

x

Check Also

CRUDEOIL SPECIALIST_06/12/2016 CRUDEOIL PROFIT 89,000. WWW.MCXSURETIPS.WEBS.COM 9898224621

CRUDEOIL SPECIALIST_”ALWAYS PROFIT NEVER LOSS SCHEME” WE PROVIDE ...