Crude oil settled flat as signs of tightening U.S. output were offset by a stronger dollar and fears rising U.S.-China trade tensions could hamper oil demand. Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation fell by 2 to 860.
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An OPEC and non-OPEC technical committee will discuss proposals for sharing out an oil-output increase, a tense topic for the producer group after it decided in June to ease supply curbs. A panel called the Joint Technical Committee will consider proposals on distributing the agreed output increase of 1 million barrels per day, the sources said.
The fall in rig counts, pointing to signs of contracting crude output, echoed data from a day earlier showing U.S. output remained unchanged from the prior week at 11.0 million barrels a day.
OPEC, Russia and other non-members agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017. Months of underproduction in Venezuela and elsewhere had pushed adherence above 160 percent.
Crude Hurdle $66.40 MCX ₹ 4710 Will it Touch First or Will Take U Turn Form ₹ 4870 Or Will Fly???? Yes Above 5000 Mark Will Rock
