Oil trims losses, Brent returns above $43
Oil prices fell on Friday, but pared some of these losses after the US dollar fell against its peers.
This came despite lingering worries about the coronavirus impact on global demand, especially as the second wave of infections sparked in some countries, which would lead to a comeback of the lockdown restrictions.
Baker Hughes announced today that the US crude oil drilling rigs count rose 12 rigs to 205 during this week.
The dollar index rose against a basket of currencies by 0.2% to 93.6 points as of 18:14 GMT, after it hit a high of 93.8 and a low of 93.5.
As of 18:09 GMT, WTI crude November futures at NYMEX fell by 0.1% to $40.9 a barrel, after hitting a high of $41.05 and a low of $40.08.
Brent December futures fell 0.3% to $43.01 a barrel, with a high of $43.2 and a low of $42.2.
US drilling rigs count rises for fourth week - Baker Hughes
The energy services firm Baker Hughes announced today that the US crude oil drilling rigs count rose 12 rigs to 205 during this week.
While the natural gas rigs rose by 1 to 77 rigs, with the total of oil and gas rigs rising by 13 to 282 rigs.
US consumer sentiment rises to March highs
US consumer sentiment improved in October despite constant concerns over the coronavirus pandemic.
The University of Michigan's consumer sentiment survey improved to 81.2 this month, the highest since March, while analysts expected a dip to 80.2.
Wall Street climbs after retail data
US stock indices opened the day with gains following upbeat data and renewed hopes for stimulus.
US President Donald Trump told treasury secretary Steven Mnuchin to raise the proposed stimulus to over $1.8 trillion to pass it through Congress before the November elections.
Earlier US data showed retail sales rose 1.9%, besting estimates of 0.7%, while core sales rose 1.5% in September, besting estimates of 0.4%.
Dow Jones rose 1.2% as of 15:31 GMT to 28,865, while NASDAQ rose 0.9%, as S&P 500 rose 0.9% to 3,514.