Crude oil prices extended an overnight rally into Asia on Friday with U.S. rig count figures later in the day to set the tone.
Crude oil prices settled higher on Thursday as ongoing Opec and non-Opec output cuts, fuelled expectations that global oil market rebalancing was underway.
Saudi Arabia continued to cut oil output as inventories declined significantly in October, Saudi Energy Minister Khalid Al-Falih said Thursday while compliance with the Opec-led accord to curb output had been “excellent.”
Falih also expressed a desire to continue with output curbs, saying that Opec should work to ensure stockpiles continue to fall beyond March. Opec is slated to next meet at its headquarters in Vienna on Nov. 30.
Technicals And Mid-Long Term Forecast