Brent and NYMEX go down in Asia as recent gains are retraced
On Friday, oil prices sagged during Asia trade, retracing recent revenues built on a surprise stockpile dip and looking ahead to America with rig count data slated.
In New York, November delivery crude futures sagged 1.08%, hitting $45.82 per barrel. Meanwhile, in London, November delivery Brent futures edged down 0.84%, trading at $47.25 a barrel
The previous week, oilfield services provider Baker Hughes reported that the total number of rigs drilling for crude in American ascended by 2 to 416, thus marking the 11th surge for 12 weeks.
Overnight, crude prices extended steep overnight profits during North American hours on Thursday, because a broadly weaker American dollar as well as easing concerns over a slowdown in American crude demand spurred sentiment.
An oil workers' strike in Norway turned to be another supportive factor, which threatened to drop North Sea crude output.
As the US Energy Information Administration states, crude oil inventories sank by 6.2 million barrels the previous week to 504.6 million, shocking market analysts who expected a surge of 3.35 million barrels.