US oil rigs count continues to rise this week - Baker Hughes
Baker Hughes Co. reported today that the number of US oil rigs rose by 8 to 275 rigs this week.
The number of natural gas rigs rose by 1 to 84 rigs, with the total number of natural gas and oil rising by 9 to 360 rigs.
Oil extends gains, Brent jumps above $55
Oil prices rose on Friday, and hit an 11-month high, despite the US dollar's rally against most of its counterparts.
Saudi Energy Minister, Abdulaziz bin Salman said that his country would voluntarily cut its production by 1 million barrels per day in February and March to balance the market.
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 90 points as of 17:43 GMT, after hitting a high of 90.1 points and a low of 89.6 points.
As of 17:44 GMT, WTI crude February futures rose 1.7% to $51.7 a barrel, after hitting a day high of $51.8 and a low of $50.8.
Brent March futures rose 2.1% to $55.5 a barrel, after hitting a high of $55.6 and a low of $54.3.
Dollar turns higher amid concerns about US transfer of power
The US dollar rose against most of its major peers on Friday, amid growing concerns about the transfer of power in the US.
After the Congress officially certified Joe Biden's election victory, sources said that US President Donald Trump is considering about his self-pardon power for any event or decision that might bring him to court, especially after his supporters stormed the Capitol building.
The US Department of Labor reported today that the economy has lost 140,000 jobs in December, worse than forecasts of adding 60,000 new jobs.
The unemployment rate held at 6.7% unchanged, compared to forecasts or rising to 6.8%.
The dollar index rose against a basket of major currencies by 0.4% to 90.1 points as of 19:00 GMT, after hitting a high of 90.1 points and a low of 89.6 points.
Gold closes more than 4% lower, hits lowest level since mid-December
Gold prices closed lower on Friday, as the US dollar jumped against most major currencies, which pushed the yellow metal to its lowest level since mid-December.
The US Department of Labor reported today that the economy has lost 140,000 jobs in December, worse than forecasts of adding 60,000 new jobs.
The unemployment rate held at 6.7% unchanged, compared to forecasts or rising to 6.8%.
The dollar index rose against a basket of major currencies by 0.4% to 90.1 points as of 19:11 GMT, after hitting a high of 90.1 points and a low of 89.6 points.
Gold February futures fell 4.1% or $78.20, and closed at $1835.4 an ounce, the lowest close in almost 3 weeks, and posted a weekly loss of 3.2% with today’s high at $1918.4, and the low at $1827.8.