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Crude oil futures end marginally lower on Friday

03 Jul 2021 Evaluate

Crude oil futures ended marginally lower on Friday ahead of the outcome of the meeting of the Organization of the Petroleum Exporting Countries and its allies. OPEC+ was originally scheduled to discuss and announce its plans about increasing crude output on Thursday (July 1). However, the group announced yesterday that it will meet on Friday to discuss plans about easing production curbs. Meanwhile, a report from Baker Hughes showed US energy firms added oil and natural gas rigs for a third time in four weeks. The report said the oil and gas rig count in the US went up by 5 to 475 in the week ended July 2. This is the highest count since April 2020.

Crude oil futures for August fell $0.07 or about 0.1 percent to settle at $75.16 barrel on the New York Mercantile Exchange. However, September Brent crude rose 33 cents to settle at $76.17 a barrel on London's Intercontinental Exchange.