Oil hovers near daily highs despite oil-rig count rise, still on track for weekly and monthly losses
|Oil prices remain steady above $41.00 a barrel even after Baker Hughes reported the fifth straight weekly climb in US oil-rig count.
Active US oil-rig count rose 3 to 374 in the week ended Jul 22. The previous week, rig-count had risen 14, marking the largest increase so far this year.
However, West Texas Intermediate futures remained steady, trading around $41.30 a barrel, up 0.65% on the day, although off highs set above $41.50/bbl.
However, WTI front-contract remains headed for a weekly loss of more than 6% and a sharp monthly decline in July.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.