Oil drilling rigs
Oil prices fell on Friday as markets assessed supply prospects amid rising output in the world’s second-largest economy, while awaiting the upcoming meeting between the US and Russian Presidents later today. 
Brent crude futures for October delivery slipped 0.3%, or 20 cents, to $66.64 a barrel as of 8:02 am KSA time.
US WTI crude futures for September delivery fell 0.35%, or 23 cents, to $63.73 a barrel.
According to data from the National Bureau of Statistics, China’s crude oil processing in July rose 8.9% from a year earlier, as state-owned refineries maintained high operating rates, processing 63.06 million tons of crude oil — about 14.85 million barrels per day.
Attention is also on today’s meeting between President Donald Trump and Russian President Vladimir Putin in Alaska, where a ceasefire in the Ukraine war tops the agenda, according to Reuters.
Markets are also awaiting the release of US oil and gas rig count data from Baker Hughes later today to gauge US supply outlook.
Oil drilling rigs
Oil prices fell on Friday as markets assessed supply prospects amid rising output in the world’s second-largest economy, while awaiting the upcoming meeting between the US and Russian Presidents later today.
Brent crude futures for October delivery slipped 0.3%, or 20 cents, to $66.64 a barrel as of 8:02 am KSA time.
US WTI crude futures for September delivery fell 0.35%, or 23 cents, to $63.73 a barrel.
According to data from the National Bureau of Statistics, China’s crude oil processing in July rose 8.9% from a year earlier, as state-owned refineries maintained high operating rates, processing 63.06 million tons of crude oil — about 14.85 million barrels per day.
Attention is also on today’s meeting between President Donald Trump and Russian President Vladimir Putin in Alaska, where a ceasefire in the Ukraine war tops the agenda, according to Reuters.
Markets are also awaiting the release of US oil and gas rig count data from Baker Hughes later today to gauge US supply outlook.
