Crude oil prices declined sharply on Friday as data from Baker Hughes showed a sharp increase in rig count in the U.S., and traders looked to trim down positions ahead of upcoming holidays.
West Texas Intermediate crude oil futures for February ended down $0.74, or about 1.2%, at $60.44 a barrel.
Brent Crude oil futures declined $0.48, or about 0.7%, to 66.06 a barrel.
On Thursday, WTI crude oil futures settled at a three-month high.
WTI Crude oil futures gained about 0.5% in the week.
According to a report released by Baker Hughes, rigs count in the U.S. increased for a second straight week, rising by as much as 18 to 685 this week.
The report also said total rigs count have now risen to 813.
Despite optimism on the trade front and the ongoing OPEC output cuts, oil prices drifted lower in the session as traders looked keen on taking some profits ahead of the year-end holiday period.
After the U.S. and China agreed on a phase one trade deal, China announced a list of United States chemicals that will be exempted from import tariffs.
U.S. Treasury Secretary Steven Mnuchin said on Thursday a trade deal with China was finished and is ready for signing after the holidays.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2148836/
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