Crude mixed ahead of Asia open as Baker Hughes data awaited

Petrol station in Singapore in the Geylang neighborhood; taken August 2018.

Crude oil prices were mixed ahead of Asian trading on Friday, with the International Energy Agency chief warning oil producers about the negatives of high oil prices as the market awaits weekly U.S. oil rig count data.

ICE Brent was last quoted at US$84.88 a barrel, down 1.63 percent, while NYMEX West Texas Intermediate rose 0.48 percent to US$74.69 a barrel. Brent crude oil futures settled down 1.98 percent at US$84.58 a barrel, while WTI fell 2.72 percent to US$74.33 a barrel on Thursday.

The head of the Paris-based International Energy Agency Fatih Birol on Thursday called on key oil producers to take “the right steps” as high prices are hurting the global economy.

“Expensive energy is back at a bad time for the global economy,” Birol told Reuters.

Later in the global day, Baker Hughes releases weekly U.S. oil rig count figures. The previous reading showed a slight decline to 863. The figures are closely watched for signals on U.S. shale output prospects.

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