Steady Baker Hughes count fails to lift oil

Oil rig count did not rise for the first time in 9 weeks, Baker Hughes data released on Friday showed, despite which oil prices at both the sides of the Atlantic are down 1% today.

Iraq output on the rise

Prices could have taken a hit on reports Iraq output exceeded expectations. Reuters article quote two officials from state-run South Oil Company saying, “Oil exports from Iraq's southern ports have averaged 3.205 million barrels per day (bpd) in August, exceeding the average level seen in July.

Iran plays Hardball

Once again Iran has reiterated it would only cooperate in upcoming producer talks to freeze output if fellow exporters recognized its right to fully regain market share. This indirectly means the producer talks are likely to fail since other major producers have made it clear that Iran needs to curb output as well.

Thus, prices have taken a hit in Asia, despite upbeat Baker Hughes report. At the time of writing, WTI oil was down 59 cents or 1.24% at $47.06/barrel. Brent was down 58 cents or 1.16% at 49.56/barrel.