MTECHTIPS:- Crude oil futures – weekly outlook: July 27 – 31
U.S. oil futures fell to the lowest level in almost four months on Friday, after data showed that rigs drilling for oil in the U.S. rose last week, underlining concerns over robust domestic production. On the New York Mercantile Exchange, crude oil for delivery in September hit an intraday low of $47.72 a barrel, a level not seen since April 1, before ending at $48.14, down 31 cents, or 0.64%. On the week, New York-traded oil futures tumbled $2.97, or 5.99%, the sixth consecutive weekly loss, as worries over high domestic U.S. oil production weighed. Nymex oil prices fell to the lowest levels of the session after industry research group Baker Hughes (NYSE :BHI) said late Friday that the number of rigs drilling for oil in the U.S. increased by 21 last week to 659, the most since May. Elsewhere, on the ICE Futures Exchange in London, Brent for September delivery declined 65 cents, or 1.18%, to close at $54.62 a barrel after hitting a session low of $54.30, the weakest level since April 2. For the week, London-traded Brent futures lost $2.50, or 4.34%, the fourth straight weekly decline, amid concerns a resumption of Iranian oil exports will add to a global glut. Iran and six world powers reached a long-awaited nuclear deal earlier in the month that would end sanctions on Tehran in exchange for curbs on the country’s disputed nuclear program. Iran reportedly hoards 30 million barrels of oil in its reserves ready for export. Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the .