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Crude Oil Flat As Rig Count Rises

Crude oil futures inched lower Friday amid signs the U.S. shale boom will continue unabated.

The number of land rigs drilling for oil in the United States is 825, up five from a week ago, according to Baker Hughes.

WTI light sweet crude oil was 9 cents lower at $68.10 a barrel.

Commodities were dented this week as the U.S. dollar enjoyed its best week in years.

However, expectations that OPEC will extend its supply quota plan with Russia gave oil a bit of a lift.

The cartel will meet with Kremlin officials on June 23, a day after the OPEC regular meeting, according to reports.

Economic growth in the U.S. continued to slow in the first quarter of 2018, according to a report released by the Commerce Department on Friday, although the pace of growth during the quarter still exceeded economist estimates.

GDP climbed by 2.3 percent in the first quarter compared to the 2.9 percent jump in the fourth quarter. Economists had expected GDP to increase by about 2.0 percent.

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by less than initially estimated in the month of April.

The report said the consumer sentiment index for April was upwardly revised to 98.8 from the preliminary reading of 97.8.

The material has been provided by InstaForex Company – www.instaforex.com

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