• İstanbul 21 °C
  • Ankara 17 °C

Wall Street closes lower on falling crude prices

Wall Street closes lower on falling crude prices
Crude prices slide around 3 percent

NEW YORK (AA) - Wall Street closed lower Friday as crude prices fell sharply with rising oil rig count in the U.S.

The Dow Jones fell 119 points to end the day at 17,865. The S&P 500 was down 19 points to close at 2,096, while the Nasdaq lost 64 points to end at 4,894.

For the week, the Dow rose 0.3 percent, but the S&P 500 was down by 0.1 percent and the Nasdaq fell 1 percent.

Crude oil prices fell approximately 3 percent Friday on worries U.S. oil production could begin to increase with the rising rig numbers.

American benchmark West Texas Intermediate fell to $48.88 a barrel, while the international benchmark Brent crude declined to $50.37 at 1820GMT.

Oil field services company Baker Hughes announced Friday that the number of oil rigs in the U.S. rose by 3 in the past week to reach 328. Last week, the number of oil rigs increased by 9 to 325, ending an almost three-month decline.

The rig count provides an indication on the well-being of the domestic oil sector and signals possible short-term production cuts and increases.

Because of low oil prices, oil rigs are removed and wells are shut down while production declines.

Due to plummeting oil prices, the total number of oil rigs in the U.S. is now almost 80 percent below its highest level of October 2014 when they were at 1,609.

source: News Feed
This news is a total 109 time has been read
UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
This news yet comment has been added .
Other News
  • Turkish brands set sights on 4,500 overseas stores22 September 2017 Friday 12:23
  • Turkish Trade Center opens in New York22 September 2017 Friday 11:38
  • Air Berlin to sell assets after filing for insolvency22 September 2017 Friday 11:18
  • Turkish Airlines to buy 40 Boeing 787 Dreamliner jets22 September 2017 Friday 10:43
  • Borsa Istanbul up at opening22 September 2017 Friday 10:23
  • Down day on Wall Street as markets anticipate rate hike22 September 2017 Friday 00:08
  • UPDATE - US imposes new sanctions on North Korea21 September 2017 Thursday 22:58
  • US imposes new sanctions on North Korea21 September 2017 Thursday 20:33
  • Turkish stocks down over 1.25 percent at close21 September 2017 Thursday 19:48
  • S&P downgrades China's credit ratings21 September 2017 Thursday 18:38
  • All Rights Reserved © May 2014 US Muslims | Unauthorized and the resources published.
    Haber Scripti: CM Bilişim