MANTHANTIPS:- Brent, NYMEX down in Asia ahead of Baker Hughes rig count figures
Crude oil prices fell further in Asia on Friday in subdued trade ahead of the latest count of U.S. rigs in production from Baker Hughes. Crude oil for October delivery on the New York Mercantile Exchange fell 0.19% to $47.29 a troy ounce. on the ICE Futures Exchange in London, Brent oil for October delivery dipped 0.18% to $49.58 a barrel. Last week, Baker Hughes said the number of rigs drilling for oil in the U.S. last week increased by 10 to 406, the eighth consecutive weekly rise and the 11th increase in 12 weeks. Overnight, oil prices were lower for the second straight session on Thursday, as markets remained fixated on a global supply glut and amid fading hopes that major oil producers will reach a deal to freeze output. Crude prices soared almost $10 a barrel, or nearly 25%, in the first three weeks of August, as the prospect of an output freeze by major producers at an informal OPEC meeting in Algeria next month sparked a massive rally.