Investing.com – Oil was lower Friday, extending losses in what looked to be its first weekly decline in five weeks.
U.S. crude was down 27 cents, or 0.51%, at $53.09 at 8:18 ET, while Brent crude slipped 34 cents, or 0.61%, to $55.31.
Oil chalked up losses this week as the Energy Information Administration said Wednesday that U.S. stockpiles of crude and gasoline hit record highs.
Oil prices have been stuck in a narrow range around the lower-to-mid-$50s over the past two months as investors weigh the impact of cuts in supply from the historic OPEC/non-OPEC agreement against record stockpiles of crude and increased drilling activity in the United States.
On that last note, investors also looked ahead to the Baker Hughes U.S. rig count data for the latest week.
The number of rigs operating in the U.S. in the prior week increased by 8 last week, the 14th gain in 15 weeks
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