Futures Movers: Crude oil loses grip of $49 a barrel ahead of U.S. rig data

Oil futures declined on Friday, extending Thursday’s pullback in the U.S., as producers there show no sign of slowing output into 2018—underscoring their resiliency and efficiency despite prolonged low prices.

The market also prepares for weekly U.S. oil-rig data from Baker Hughes due later Friday to gauge the possible pace of future production there.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU7, -0.33% dropped 16 points, or 0.3% at $48.87 a barrel in the Globex electronic session. October Brent crude LCOV7, -0.33% on London’s ICE Futures exchange fell 16 cents, or 0.3% to $51.85.

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