Brent and NYMEX sink in Asia as sentiment turns down ahead of American rig data
On Friday, crude prices fell during Asia trade, as market sentiment turned pessimistic on the supply outlook with American rig count news ahead to cap the week.
In New York, American crude oil dived 0.49%, reaching $50.38 per barrel. Meanwhile, in London, Brent futures lost 0.37%, trading at $51.19 per barrel.
The previous week, oilfield services provider Baker Hughes reported the overall number of rigs drilling for crude in America the previous week ascended by 4 to 432, thus marking the 15th soar in 16 weeks.
Overnight, crude prices sagged on Thursday as market participants took profits following a surge in the previous trading session powered by a shocking large American crude inventory drawdown the previous week and hopes for a production cut by key producers.
Crude prices soared on Wednesday, with American crude settling at a 15-month peaks after the US Energy Information Administration told crude inventories sank by 5.2 million barrels by October 14.