Oil drilling rigs
Oil prices fell on Friday, but remain on track for weekly gains, amid ongoing uncertainty over Middle East supply and a larger-than-expected decline in US crude inventories. 
US crude closed Thursday’s trading up more than 3%, after a sharp decline in American oil inventories due to production outages caused by hurricanes.
Analysts at ING Bank said in a note today that uncertainty in the Middle East and concerns about the sustainability of oil flows through the Strait of Hormuz have prompted the market to price in a major risk premium, Reuters reported.
According to Kpler, the oil shipping analytics company, average crude flows through the Strait of Hormuz reached 11.62 million barrels per day over the seven days ending Oct. 13, representing about 68% of the baseline level of 17.15 million barrels per day.
Markets are awaiting the release of US oil and gas rig count data from Baker Hughes later today, as investors look for indications on the outlook for US supply.
Change in Prices of Benchmark Crude Futures Contracts
Crude
Price (US$/barrel)
Change Value (US$)
Change (%)
Brent(December delivery)
105.40
(0.52)
(0.50%)
NYMEX(November delivery)
97.38
(0.59)
(0.60%)
Oil drilling rigs
Oil prices fell on Friday, but remain on track for weekly gains, amid ongoing uncertainty over Middle East supply and a larger-than-expected decline in US crude inventories.
US crude closed Thursday’s trading up more than 3%, after a sharp decline in American oil inventories due to production outages caused by hurricanes.
Analysts at ING Bank said in a note today that uncertainty in the Middle East and concerns about the sustainability of oil flows through the Strait of Hormuz have prompted the market to price in a major risk premium, Reuters reported.
According to Kpler, the oil shipping analytics company, average crude flows through the Strait of Hormuz reached 11.62 million barrels per day over the seven days ending Oct. 13, representing about 68% of the baseline level of 17.15 million barrels per day.
Markets are awaiting the release of US oil and gas rig count data from Baker Hughes later today, as investors look for indications on the outlook for US supply.
Change in Prices of Benchmark Crude Futures Contracts
Crude
Price (US$/barrel)
Change Value (US$)
Change (%)
Brent(December delivery)
105.40
(0.52)
(0.50%)
NYMEX(November delivery)
97.38
(0.59)
(0.60%)
