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12-Jan2019

Crude oil futures snap 9-day Winning Streak

Snapping their 9-day Winning Streak, Crude oil futures ended lower on Friday, however scoring a second weekly climb in a row. The recent advance for the energy complex has been powered by optimism over US-China trade talks, as well as a December output drop from major producers and a decline in last week's US crude inventories. Meanwhile, over in the US, the number of domestic rigs drilling for oil fell for a second week in a row-by 4 to stand at 873 this week, suggesting a slowdown in crude production.

Benchmark crude oil futures for February declined $1 or 1.9 percent to settle $51.59 a barrel on the New York Mercantile Exchange. March Brent crude dropped $1.20 or 2 percent to settle at $60.48 a barrel on London's Intercontinental Exchange


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