home Finance, Oil Prices US oil erases gains, closes at $32.78 a barrel

US oil erases gains, closes at $32.78 a barrel

U.S. crude closed lower in choppy trade, but still recorded weekly gains, as supply disruptions in Iraq and Nigeria provided supported.

Pipeline outages in Iraq and Nigeria have removed more than 800,000 barrels of crude oil per day from the market for at least the next two weeks. The disruptions should offset recent increases to supply from Iran, analysts said.

Also on Friday, oilfield services firm Baker Hughes reported the total number of rigs drilling for crude in the United States fell by 13 to a total of 400 in the previous week. At this time last year, there were 986 rigs in U.S. fields.