WTI crude oil futures settled at $70.64


The price of WTI crude futures are settling at $70.64. The high price reached $71.04. The low price was at $69.53.

The Baker Hughes rig count fell for the 9th consecutive week. Earlier this week crude oil inventories shows a huge drawdown of 9.6 million barrels much higher than expectations.

Multiple OPEC* delegates foresee an extension of Saudi production cuts into August. A Reuters survey indicates OPEC June output to fall by 50k BPD from May to 28.18mln BPD.

  • For the week, the price rose 2.07%.
  • For the month, the price is up 3.7% after falling -11.32% in May.
  • For the 2Q, the price fell -6.7%
  • For the year, the price is down -12.04%

Brent crude futures settled at $74.90. That’s up $0.56 or 0.75%.

US natural gas futures saw an increase following the Baker Hughes rig count, where natural gas fell by 6 to 124