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Brent and NYMEX head south in Asia

On Friday, crude oil prices kept sagging further in Asia in subdued trade ahead of the latest count of American rigs in production from Baker Hughes.

In New York, October delivery crude futures descended 0.19%, hitting $47.29 per barrel. Meanwhile, in London, October delivery Brent crude futures sagged 0.18%, trading at $49.58 per barrel.

The previous week, Baker Hughes informed that the overall number of rigs drilling for crude in America last week soared by 10 to 406, which is the eighth consecutive weekly gain and the 11th ascend in 12 weeks.

Overnight, crude oil traded lower for the second straight trading session on Thursday because financial markets were still fixated on the global oversupply amid fading hopes that key oil producers will reach a deal to suspend output.

Futures are down almost 4% so far this week because financial experts and market participants remain skeptical that the meeting would bring a coherent effort to diminish the global glut.

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