Oil Futures Rise as Kurdistan Worries Persist
23 October 2017 - 5:53AM
Dow Jones News
By Biman Mukherji
--Oil futures rose in Asia on Monday, extending Friday's gains
as US oil-rig activity continued to fall last week and amid
concerns about possible supply disruption amid the tensions in the
Kurdistan region of Iraq.
--December Nymex light, sweet crude on the New York Mercantile
Exchange was recently up 0.5% at $52.11 a barrel in the Globex
trading session. Brent rose 0.2% to $57.88.
--Friday afternoon in the U.S., Baker Hughes' closely watched
data showed a third-straight decline in the number of active oil
rigs, a proxy for drilling activity.
--While thousands of wells have been drilled but uncompleted in
the U.S., BMI Research contends investors are overestimating the
strength of future productivity gains from shale oil and
underestimating cost constraints. "This will see production
disappoint market expectations in 2018."
Write to Biman Mukherji at biman.mukherji@wsj.com
(END) Dow Jones Newswires
October 23, 2017 00:38 ET (04:38 GMT)
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