Oil trades higher after US rig count

Friday, 15. November 2019 20:53

Crude oil futures traded almost 2% higher on Friday after Baker Hughes announced that the number of oil rigs in the United States decreased this week and the International Energy Agency (IEA) revealed that global oil demand increased by 1.1 million barrels per day in the third quarter of the year.

Meanwhile, investors are awaiting the price range decision for Saudi Aramco's initial public offering which is due to be announced on November 17.

West Texas Intermediate (WTI) for December delivery was up 1.81% at $57.79 per barrel at 2:37 pm ET while January futures of international benchmark Brent traded for $63.35 per barrel as they increased 1.70% at 2:38 pm ET.

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Author:
Breaking the News / VP