Crude oil higher in daily trading, flat for the week

Oil edged higher in the volatile US trading session on Friday. For the week, oil is flat as crude prices are boosted by expectations of lower Russian exports. WTI is seemingly pressured by rising US inventories as well as concerns over global economic activity.

Brent crude futures earlier traded at $83.16 per barrel, but eventually closed at $ 82.79, with only +0.69% gain. US crude futures (WTI) settled at $76.43 per barrel. So, both fell by more than $1 per barrel.

Lower trading volumes contributed to volatility, with Brent trading at 58% and WTI trading at 90% of the previous session’s levels. One year from the eruption of Russia-Ukraine war, Brent crude was about 15% lower than a year earlier. It hit a 14-year high of nearly $128 a barrel on March 8, 2022.

Both benchmarks rose about 2% in the previous session on Russia’s plans to cut oil exports from its western ports by up to 25% in March, which exceeded its announced production cuts of 500,000 barrels per day.

But the market appeared to be well supplied with US inventories at their highest since May 2021, according to data from the US Energy Information Administration.

An indicator of future supply, US oil rigs fell seven to 600 this week, while the total count was still up 103 rigs, or 15.8%, over this time last year, energy services firm Baker Hughes Co (BKR.O) said.

Indications that Russian crude and refined products are accumulating on tankers floating at sea also hinted at increasing supplies.

The prospect of further interest rate hikes supported the dollar index , which was set for a fourth straight week of gains. The index is now up about 2.5% for the month.


The total number of total active drilling rigs in the United States fell by 7 this week, according to new data from Baker Hughes published on Friday.

The total rig count fell to 753 this week—103 rigs higher than the rig count this time in 2022 and 322 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.

Oil rigs in the United States decreased by 7 this week, to 600 after decreasing by 2 in the week prior. Gas rigs stayed the same at 151. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin rose by 1, and rigs in the Eagle Ford stayed the same.