WTI crude oil futures settled at $70.64. The high price reached $71.04. The lowest price was $69.53.

Baker Hughes rig count fell for 9th straight week. Earlier this week, oil inventories showed a huge decline of 9.6 million barrels, much higher than expected.

Several OPEC* delegates expect an extension of Saudi Arabia’s production cuts until August. A Reuters poll suggests OPEC’s June production will fall by 50,000 bpd from May to 28.18 million bpd.

  • For the week, the price increased by 2.07%.
  • For the month, the price increased by 3.7% after falling by -11.32% in May.
  • In 2Q the price fell -6.7%
  • Over the year, the price fell by -12.04%

Brent crude futures settled at $74.90. That’s an increase of $0.56 or 0.75%.

U.S. natural gas futures edged higher after Baker Hughes rig count, natural gas fell 6 to 124

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