Crude Oil Slide 5.8% In Second Quarter, Clings To $50

Crude oil futures edged higher Friday, clinging to recent gains despite a quarterly loss.

There was little reaction to Baker Hughes data showing the U.S. oil rig count continued to rise last week.

The US oil-rig count increased by 10 to 662 this week, this eleventh straight weekly rise. It was the biggest quarterly rise since 2011.

May WTI oil was up 25 cents, or 0.5%, to settle at $50.60/bbl for the session. Prices were down 5.8 percent for the second quarter.

U.S. personal income rose in line with economist estimates in the month of February, although personal spending inched up by slightly less than expected.

The report said personal income increased by 0.4 percent in February after climbing by an upwardly revised 0.5 percent in January.

The material has been provided by InstaForex Company – www.instaforex.com

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