WTI Falls Below $50 a Barrel as Active Rig Count Rises on Friday

Crude oil futures slid further on Friday as the U.S. benchmark ended below $50 a barrel while the domestic rig count revealed further growth, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, June West Texas Intermediate crude fell by $1.09, or 2.2%, to settle at $49.62 a barrel. The settlement was its lowest since March 29. For the week, WTI posted a loss of 7.4%.

On London’s ICE Futures Exchange, June Brent crude, the global benchmark, lost $1.03, or 1.9%, to end trading at $51.96 a barrel. For the week, Brent crude posted a loss of 7%.

Baker Hughes’ rig report issued on Friday afternoon revealed that U.S. rigs grew by 5 to 688 this week, marking a 14th weekly climb in a row.

Meanwhile, May natural gas ended at $3.101 per million British thermal units, down 1.8% for the session and about 3.9% lower for the week on the New York Mercantile Exchange.

 

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