Money Market Guru — Crude oil futures continue to fall Friday, extending steep weekly losses on demand concerns, a U.S. supply glut and a strong dollar. April West Texas Intermediate crude fell 79 cents, or 1.6 percent, to settle at $48.49 a barrel, having plunged 9.1 percent this week. The US oil rig count rose for an eighth straight week to the highest level since 2015, according to Baker Hughes.
Crude inventories rose 8.2 million barrels in the week to March 3, compared with analysts expectations for a 2 million-barrel build. Thats the ninth consecutive week oil stockpiles have risen. On the other hand, gasoline inventories saw the largest one-week drop in nearly six years. With surging U.S. oil production offsetting OPEC cuts, oil prices have dropped to their lowest level in 2017. — Money Market Guru — Pia
WEEKLY ENERGY PREVIEW: CRUDE MARKS STEEP LOSSES IN WEEK ENDING 10 MARCH 2017