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Oil Little Changed as 2018 Fears Outweigh Static US Rig Count

Written by Meenal Vamburkar at Bloomberg & Published by RigZone

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(Bloomberg) — Oil futures were little changed as traders concerned about 2018 production growth shrugged off reports of a static rig count and falling U.S. stockpiles.

Front-month futures rose 0.2 percent in New York, with a weekly gain of 2 percent. Prices jumped the last two days after U.S. data on Wednesday showed crude stockpiles tumbling. On Friday, the rig count remained at 747, but traders seemed unconvinced that U.S. production won’t continue to rise next year, undermining OPEC’s deal to bring the market into balance.

Traders are swayed by a combination of that uncertainty and some year-end profit-taking with prices up about 8 percent for the year, according to John Kilduff, founding partner at Again Capital LLC in New York.

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Written by Meenal Vamburkar at Bloomberg & Published by RigZone

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