Oil hovers around highs ahead of U.S. rig count

Multinational

HOUSTON, July 28, 2017 – Oil Friday hovered around eight-week highs ahead of U.S. weekly rig count data.

U.S. crude was up 7 cents, or 0.14%, at $49.11 at 06:30 ET. Brent added 23 cents, or 0.45%, to $51.72.

Oil was buoyed this week by a big draw in official U.S. crude inventories in the latest week.

Crude was also underpinned by Saudi Arabia’s pledge to curb crude exports beginning next month.

OPEC and non-OPEC producers may also extend an agreement to cut output by 1.8 million barrels a day to beyond March.

Investors are looking to Baker Hughes rig count data due out later in the session.