Brent, NYMEX weaker in Asia as investors look ahead to rig count data


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    Investing.com - Crude prices fell in Asia on Friday as markets drifted ahead of U.S. rig count data expected to set the tone.

    On the New York Mercantile Exchange, West Texas Crude Intermediate for January fell 0.35% to $50.88 a barrel. Brent Oil on London's Intercontinental Exchange for February eased 0.17 to $53.59 a barrel.

    Overnight, oil prices settled higher on continued cheer after the Organization fo Petroleum Exporting Countries (OPEC) reached a deal to cut oil production by 1% to 1.2 million barrels a day on Wednesday.

    The accord reached by representatives of OPEC was the group's first all-out effort to reduce output in eight years, and powered an inrcease U.S. crude prices up more than 9% yesterday.

    Production in the U.S. is expected to climb, as production overseas declines. President-elect Trump has also promised to open up previously prohibited lands to oil exploration and drilling once he is in office, just 50 days from now.

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    This article appears in: Investing , Forex


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