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WTI Crude Oil Settles Little Lower, Fundamentals Look Positive

May 10, 2019 at 23:47 by Vladimir Vyun

West Texas Intermediate crude oil ended Friday with small losses, while the Brent grade gained. The losses of the North American benchmark grade of oil were very limited, though, as fundamentals continued to look positive for the commodity.

Baker Hughes reported that the number of US oil rigs decreased by 2 this week. Tensions between the United States and Iran threaten supply from Middle East. Libyan state-run National Oil Corporation talked on its site about plans to increase oil production to 1.4 million barrels per day by the end of this year. But it also voiced concern that ongoing hostilities in Tripoli can threaten such plans.

June contract for delivery of WTI crude oil edged down 0.06% to settle at $61.66 per barrel on COMEX. At the same time, July contract for Brent crude advanced 0.33% to $70.62 per barrel on ICE.

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