Oil Little Changed as 2018 Fears Outweigh Static U.S. Rig Count
- End-of-year profit-taking also a factor as crude prices wobble
- WTI rose 0.2% to $58.47 a barrel, climbing 2% this week
OPEC's Control of the Oil Market Is Running on Fumes
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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.