On Friday, crude oil traded weaker in Asia as market participants looked ahead to American rig count data.
In New York WTI June deliver crude futures dipped 0.99%, trading at $46.24 per barrel. As for Brent oil futures, they dived 0.71%, right to $44.74 a barrel. Later in the day, data on the oil rig count in America is supposed to set the overall tone.
Overnight, American oil futures waved greatly, dropping off newly achieved six-month peaks, as traders digested news of a sizable build at the Cushing Oil Hub along with quite persuasive indications of a tightening in the global oversupply.
On the Intercontinental Exchange, Brent June delivery crude futures fluctuated between $46.80 and $48.18, before ending up at $47.95, a 0.74% surge.
The front month contract for WTI crude oil managed to go up to fresh year’s peaks on Thursday, thus following a bullish report from the reputable and influential organization, known as International Energy Agency.