Gold Silver Reports — Crude oil futures edged higher Friday, but posted a third straight weekly loss amid further signs of robust U.S. production. Baker Hughes said the number of active U.S. rigs drilling for oil rose by 21 to 652 rigs this week, having surged higher just about every week this winter. U.S. crude oil inventories are already at record highs. The EIA said Wednesday that stockpiles rose another 4.5 million barrels last week.
Meanwhile, OPEC is reportedly struggling for full compliance with its supply quota plan. Even though Saudi Arabia is cutting production significantly, the cartel might extent their pact with Russia through the rest of the year in order to end the global supply glut. May WTI oil gained 27 cents, or 0.6%, to settle at $47.97 per barrel. However, prices were down 1.7% for the week. — Neal Bhai Reports
