The price of West Texas Intermediate crude futures settled at $70.64. The highest price was $71.04. The low price was $69.53.
Baker Hughes’ rig count fell for the ninth consecutive week. Earlier this week, Crude Oil Inventories showed a significant drop of 9.6 million barrels, well above expectations.
Many OPEC delegates* expect an extension of Saudi production cuts into August. A Reuters survey indicates that OPEC production in June decreased by 50 thousand barrels per day from May, to 28.18 million barrels per day.
- Over the course of the week, the price increased by 2.07%.
- For the month, the price is up 3.7% after falling -11.32% in May.
- For the second quarter, the price is down -6.7%.
- For the year the price decreased by -12.04%
Brent crude futures closed at $74.90. That’s $0.56, or 0.75%, higher.
US natural gas futures saw an increase in the wake of the Baker Hughes rig count, with natural gas down 6 to 124.