Crude Oil Up Sharply For The Quarter

Crude oil futures were flat Friday, preserving recent gains amid concerns about supplies from the Middle East due to tensions between Kurdistan and Turkey.

Nov. WTI oil climbed 11 cents, or 0.2%, to settle at $51.67/bbl. Prices were up for the week, month and quarter.

The front month contract was up 7.6% for September and about 10.5% for the quarter.

The active U.S. rigs drilling for oil rose for the first time in four weeks, by 6 to 750 this week, according to Baker Hughes. The total active U.S. rig count, which includes oil and natural-gas rigs, also climbed by 5 to 940.

Earlier in the week, data showed a surprise drop in U.S. crude oil inventories. Domestic stockpiles dropped by 1.85 million barrels last week.

U.S. personal income and spending both rose in line with economist estimates in the month of August, according to a report released by the Commerce Department on Friday. The Commerce Department said personal income edged up by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July.

Consumer sentiment in the U.S. deteriorated by slightly more than initially estimated in the month of September, the University of Michigan revealed in a report on Friday. The report said the consumer sentiment index for September was downwardly revised to 95.1.

The material has been provided by InstaForex Company –

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