By Dipo Olowookere
Crude oil prices on Friday were lower to end a topsy turvy week little changed.
March WTI oil fell 61 cents, or 1.1%, to settle at USD53.17/bbl.
Morning Star reports that US Drillers added 15 oil rigs in the week to January 27, bringing the total count to 566, the most since November 2015, Baker Hughes Inc.
Companies have added rigs 12 of 13 weeks, hoping to take advantage of stable prices above $50.
With US oil inventories on the rise, analysts say the global supply glut may prove stubborn even as OPEC trims production.
In economic news, GDP growth in the US slowed by more than anticipated in the final three months of 2016, according to a report released by the Commerce Department on Friday.
The Commerce Department said gross domestic product increased by 1.9 percent in the fourth quarter following a 3.5 percent jump in the third quarter. Economists had expected GDP to climb by 2.2 percent.
Also, there was an unexpected drop in new orders for durable goods in the month of December.
The Commerce Department said durable goods orders fell by 0.4 percent in December after tumbling by a revised 4.8 percent in November.
Modupe Gbadeyanka