Last Friday, for first time in 3 weeks, Baker & Hughes oilfields Services Company rig-count fell as U.S drillers cut 7 oil rigs in the week to bring the total rig-count down to 797.
WTI price rallied back to the 65.3 level today going into the European trading session, but further upside looks doubtful, as the latest Reuters survey, citing that Saudi Arabia is expected to cut crude oil prices to Asia, will weigh negatively on the investors' sentiment while weekend’s news about Iraqi cabinet having approved raising crude oil output capacity could also keep the gains in check.
The official selling price (OSP) for flagship Arab Light crude could fall by 50-70 cents, to the lowest in 6 months and can be expected a bigger price cut for Arab Heavy because of widening losses in producing fuel oil.
WTI price rallied back to the 65.3 level today going into the European trading session, but further upside looks doubtful, as the latest Reuters survey, citing that Saudi Arabia is expected to cut crude oil prices to Asia, will weigh negatively on the investors' sentiment while weekend’s news about Iraqi cabinet having approved raising crude oil output capacity could also keep the gains in check.
The official selling price (OSP) for flagship Arab Light crude could fall by 50-70 cents, to the lowest in 6 months and can be expected a bigger price cut for Arab Heavy because of widening losses in producing fuel oil.
