# US crude tumbles 14% in first half, closing at $46.04, as market remains oversupplied

> US crude futures closed at $46.04 a barrel on June 30, up 2.5% on the day and 7% for the week, extending a seventh straight session of gains. Oil still posted its worst first-half performance since 1998, with Brent down about 16% year to date. A Baker Hughes report showed the US oil rig count fell for the first time since January, to 756.

- Date: 2017-07-01 · published 2017-07-01T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/70654-us-crude-tumbles-14-in-first-half-closing-at-46-04-as-market-remains
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Persistent oversupply concerns keep the crude complex under pressure, and weaker energy prices lower biofuel and ethanol economics, which can weigh on demand for corn and vegetable oils. The short-term rebound is modest against a bearish first-half backdrop.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2017/06/29/crude-oil-prices-firm-set-for-biggest-weekly-gain-since-mid-may.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.