Crude futures hovered in a narrow range on Friday, January 29, extending a sluggish decline, with Brent ticking down 0.04% to $54.96/bbl, and WTI price dipping 0.13% to $52.08/bbl.
According to Friday’s Baker Hughes report, the US oil rig count rose by six units to 295 units over the past week. This trend points to growing activity on the part of North American shale producers. To remind, January showed a steady uptrend in the number of active oil-producing platforms stateside, up nearly 50% on the month.
Today, oil prices are heading north in anticipation of an extension of oil production cuts by OPEC+ countries, with the exception of Russia and Kazakhstan, which are set to increase production slightly as of February 1. As a result, Brent is up 0.98% and WTI is trading 0.84% higher. Our Brent forecast for today is $55-56/bbl.