Oil Futures Rise as Kurdistan Worries Persist

By Biman Mukherji Features Dow Jones Newswires

Oil futures rose in Asia on Monday, extending Friday's gains as US oil-rig activity continued to fall last week and amid concerns about possible supply disruption amid the tensions in the Kurdistan region of Iraq.

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--December Nymex light, sweet crude on the New York Mercantile Exchange was recently up 0.5% at $52.11 a barrel in the Globex trading session. Brent rose 0.2% to $57.88.

--Friday afternoon in the U.S., Baker Hughes' closely watched data showed a third-straight decline in the number of active oil rigs, a proxy for drilling activity.

--While thousands of wells have been drilled but uncompleted in the U.S., BMI Research contends investors are overestimating the strength of future productivity gains from shale oil and underestimating cost constraints. "This will see production disappoint market expectations in 2018."

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

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October 23, 2017 00:38 ET (04:38 GMT)