5/13/2016, 8:44 PM (Source: TeleTrader)
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U.S. oil price settles lower after seesaw session

Oil futures traded lower on Friday, following the day of fluctuation in prices in the European trading session.

U.S. light sweet crude declined 0.70% to $46.90 a barrel by 8:30 p.m. CET at ICE Europe, as the trade closed in the American market, where price settled at $46.21 a barrel. Daily high was $47.29 a barrel and the crude gained 4.04% for the week.

International benchmark Brent fell 0.21% to $47.81 a barrel, after reaching daily high of $48.12 a barrel. The North Sea crude added 5.70% for the week.

The OPEC 13-crudes daily basket price stood at $41.31 a barrel on Thursday, compared with $41.40 the previous day.

Earlier, crude futures were trading in tune with a string of conflicting news from the industry and markets, the latest being weekly North American rig count. Baker Hughes Friday 1:00 p.m. EDT report said that the United States closed 10 oil rigs, while neighbouring Canada opened 5 oil rigs in the last week.

The U.S. dollar strengthened to a two-week high on Friday, putting pressure on buyers. The dollar index rose 0.51% to 94.62 at 8:40 p.m. CET.

Oil prices fluctuated following a huge wildfire in oil sands region of Canadian province of Alberta. Latest outage in Nigeria, caused by militant attack on pipelines, cut its daily output from 2.2 to 1.65 million barrels per day, according to state officials.

The Organization of the Petroleum Exporting Countries (OPEC) issued its monthly report, which said that its member countries produced 32.44 million barrels of oil per day in April, up 188 thousand barrels from March.

On Thursday, Russian energy minister Alexander Novak said he expected his country would produce 540 million tons this year, up from 534 million tons in 2015. He reminded that global oil surplus was 1.5 million barrels per day.

Breaking the News / ZR