U. S. crude futures edged below $62 a barrel on Friday, after finishing up the previous day in choppy trading when a rebound in equities helped boost prices amid conflicting data about the health of the global economy. Natural Gas surged significantly on the back of short covering, defying bearish inventory reports.

French oil major Total SA has declared force majeure on cargoes of Nigerian Amenam crude oil loading in the second half of July, trade sources said on Thursday. A trade source said the force majeure was a result of technical problems and not the result of militant activity that has affected tens of thousands of barrels of Nigerian crude from the Niger Delta this year.

China National Petroleum Corporation (CNPC) produced 51.04 million tonnes, or 2.06 million barrels per day, of crude oil in the first half of this year and processed 58.76 million tonnes during the same period, Xinhua news agency reported late Thursday.

Natural Gas inventory report released by Energy agency showed a further built in nat gas inventory. It reported a buildup higher-than-expected.

The latest National Weather Service six to 10-day outlook issued in the U. S called for above-normal readings for most of the western half of the nation and below-normal temperatures for most of the eastern half.

It seems that crude oil has bottomed out and a decline of Rs. 50- Rs. 60 shall be seen as very good buying opportunity. Natural gas moved up due to short covering yesterday. The outlook remains positive in Natural gas.