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Crude gains $0.03

Posted on: March 20, 2017

WTI prompt futures gained $0.03 on Friday settling at $48.78. This morning, crude fell $0.17 at the time of this writing amid higher US rig count reported by Baker Hughes. On Friday rig count rose by 14 to 631. Libya's two main ports seized during militia group attacks are expected to restart in 7 to 10 days.

US production stands at 9.1 million barrels per day according to the latest EIA data. OPEC and Non-OPEC energy ministers (Russia) are planning to meet on the weekend to discuss OPEC production cut status.

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