US oil drilling rigs count rises this week
Baker Hughes Co. reported today that the number of US oil rigs rose by 10 to 411 rigs this week.
The number of natural gas rigs fell by 1 to 100 rigs, with the total number of natural gas and oil rising by 9 to 511 rigs.
Oil deepens losses, Brent falls below $75
Oil prices fell on Friday, as the US dollar rose against most of its peers, ahead of the release of the US drilling activities data, but oil remains on track for weekly gains.
Oil prices were recently lifted by fears of supply disruption in the US after Hurricane Ida swept Gulf of Mexico region that contains around 17% of the total US production.
Baker Hughes will reveal its count of the oil and natural gas rigs in the United States later today.
The dollar index rose against a basket of major currencies by 0.2% to 93.1 points as of 16:23 GMT, after hitting a high of 93.2 points and a low of 92.7 points.
As of 16:21 GMT, WTI crude October futures fell 1.1% to $71.8 a barrel.
Brent November futures fell 0.8% to $75.05 a barrel.
Dollar extends gains on uncertainty over Fed's next step
The US dollar rose against most currencies on Friday, as investors parse the recent economic data that raised uncertainty over the Federal Reserve's next move.
The US consumer price index rose less than expected, but the retail sales index rose by 0.7% in August, beating forecasts of a drop by 0.7%.
The Fed is awaiting more signs of the rising inflation rate and the economic recovery to start reducing size of its bond-buying program.
US President Joe Biden criticized the wealthy due to what he described as a massive increase in their wealth of up to $1.8 trillion, which he considers unfair.
The dollar index rose against a basket of major currencies by 0.3% to 93.2 points as of 18:05 GMT, after hitting a high of 93.2 points and a low of 92.7 points.
Gold falls to more than 1-month low
Gold prices fell on Friday, and hit a 5-week low as the US dollar rose against most currencies.
Results from the University of Michigan's Survey of Consumers, showed that the index rose to 71 points in August from 70.3 in July, slightly lower than forecasts of 71.9 points
The US Federal Reserve is awaiting more signs of the rising inflation rate and the economic recovery to start reducing size of its bond-buying program.
US President Joe Biden criticized the wealthy due to what he described as a massive increase in their wealth of up to $1.8 trillion, which he considers unfair.
The dollar index rose against a basket of major currencies by 0.3% to 93.2 points as of 18:27 GMT, after hitting a high of 93.2 points and a low of 92.7 points.
As of 18:46 GMT, gold spot prices fell 0.3% to $1,752 an ounce, after falling to the lowest since August 10 at $1,751.