U.S. energy firms added oil rigs for a second week in a row as crude prices, whi...
- U.S. energy firms added oil rigs for a second week in a row as crude prices, which have dropped about 15% this year, were set to rise this week as investor concerns began to ease over the long-term economic impact of the coronavirus.
U.S. crude futures CLc1 traded around below $52 per barrel on Friday, putting the front-month on track to rise for the first time in six weeks. [O/R] The Energy Information Administration this week cut its growth outlook, forecasting U.S. crude production will rise by 960,000 barrels per day in 2020 to a record of 13.2 million bpd, below its previous forecast for a rise of 1.06 million bpd. [EIA/M]
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