WASHINGTON (dpa-AFX) - Crude oil futures were flat Friday, clinging to this week's significant gains amid U.S. rig count data.
The total oil rig count held at 844 in the week to May 18, according to Baker Hughes. That's after U.S drillers added many rigs in the past few weeks in hopes of capitalizing on surging oil prices.
WTI light sweet crude oil was at $71.28/bbl, down 21 cents, or 0.3%. Still, oil posted a wekly gain of nearly 1 percent, touching a fresh 4-year peak along the way.
Prices rose amid amid speculation OPEC supplies are dwindling.
OPEC officials told Reuters that this month's spike in oil prices is due to temporary geopolitical tensions and not a fundamental re-balance in oil markets. Therefore, the carter is expected to continue its supply quota plan with Russia.
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