WTI crude oil futures settled at $70.64

<p>The price of WTI crude futures are settling at $70.64. The high price reached $71.04. The low price was at $69.53. </p><p>The Baker Hughes rig count fell for the 9th consecutive week. Earlier this week crude oil inventories shows a huge drawdown of 9.6 million barrels much higher than expectations.</p><p>Multiple OPEC* delegates foresee an extension of Saudi production cuts into August. A Reuters survey indicates OPEC June output to fall by 50k BPD from May to 28.18mln BPD. </p><ul><li>For the week, the price rose 2.07%. </li><li>For the month, the price is up 3.7% after falling -11.32% in May.</li><li>For the 2Q, the price fell -6.7%</li><li>For the year, the price is down -12.04%</li></ul><p>Brent crude futures settled at $74.90. That's up $0.56 or 0.75%.</p><p>US natural gas futures saw an increase following the Baker Hughes rig count, where natural gas fell by 6 to 124</p>

This article was written by Greg Michalowski at www.forexlive.com.