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Crude Oil Declines As US Rig Count Grows, Brent Heads to Weekly Gains

July 27, 2018 at 19:05 by Vladimir Vyun

Futures for crude oil declined today as the number of US oil rigs increased. Baker Hughes reported that the US rig count increased by 3 this week.

Today’s data showed that last quarter the US economy grew with the fastest pace in four years. That could have helped crude as faster economic growth means higher consumption of fuel and energy. Yet markets demonstrated a muted reaction to the news.

For the week, Brent was still heading to a gain, helped by such factors as US-Iran tensions, a temporary shutdown of Saudi Arabia key shipping lane, and easing fears of trade wars.

Contract for delivery of WTI crude oil in September dropped as much as 1.29% to $68.71 per barrel as of 18:53 GMT on NYMEX today. Futures for Brent crude logged a much smaller decline, slipping just 0.24% to $74.36 per barrel on ICE.

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