Commodities: Oil futures slip after latest US rig count data

Crude oil futures slipped at the end of the week as a key gauge of activity in the US oil sector ticked up on Monday, for the first time in three months, although it was still languishing far below the levels reached in the halcyon days of late 2014.

The Baker Hughes US rig count fell by four to 476 in the week ended on 18 March, far from the 1,069 which were in operation in the same week one year ago and a late-2014 peak of 1,931, according to Platts.

However, in the latest week the US oil rig count ticked higher by one to 387; investors were watching closely for any sign the recent rebound in oil prices on international markets might spark a renewed increase in the US tight oil sector.

US oil rigs peaked a of 1,607 in late 2014 and stood at 825 at the end of the same week one year prior.

Front month West Texas Intermediate crude oil futures ended the Friday session off by 81 cents at $39.44 per barrel on the NYMEX.

In parallel, natural gas futures for delivery in April 2016 edged lower by 0.52% to $1.90/MmBtu.

Fact or fiction: Chinese home price recovery

Data released on Friday showed Chinese home prices in Tier 3 cities edged up by 0.1%, their first increase since April 2014.

The figues came alongside others showing a jump in housing starts in Tier-3 cities in Asia´s largest economy during the first two months of 2016. However, Citi´s Klas Bergelinds was skeptical regarding the implications of the latest numbers, telling clients he saw them as "opportunistic behaviour by developers and not a sign of a sustainable recovery".

Be that as it may, traders pushed iron ore futures on the Dalian Commodity Exchange up by 5.52% to 449.5 yuan per tonne.

Bloomberg´s Commodity index slipped 0.65% to finish at 162.84 points.

Gold futures for delivery in April 2016 closed 0.15% higher at $1,256.20 per ounce on COMEX.

In the agriculture space, corn futures for delivery in May 2016 closed down by 0.41%, seeing the day off at $367 per bushel on the Chicago Board of Trade.

ICE-traded Cotton futures were the day´s worst performer, with the March 2016 contract closing down by 2.06% at $57.16 per pound.

Live cattle futures for June 2016 delivery ended the day down by 1.22% at $129.10 per pound over on the CME.