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Crude oil futures settled notably higher on Friday amid expectations supply in global oil markets will continue to remain tight.

Weaker natural gas and coal prices limited oil’s uptick.

West Texas Intermediate Crude oil futures for December ended higher by $1.26 or about 1.5% at $83.76 a barrel.

Brent crude futures were up $0.97 or 1.5% at $85.58 a barrel a little while ago.

A report from the U.S. Energy Information Administration (EIA) showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to 31.2 million barrels, their lowest level since October 2018, despite refinery crude runs having fallen in the week to October 15.

A Bloomberg analysis explains that stockpiles at the Cushing, Okla., crude oil storage hub – the biggest in the U.S. – are quickly approaching critically low levels, which could push crude prices above current multiyear highs.

According to a report from Baker Hughes, U.S. oil and gas rig count fell by 1 to 542 this week. Despite this week’s decline, the total rig count was still up 255 rigs, or 89%, over this time last year. U.S. oil rigs fell 2 to 443 this week, while gas rigs rose 1 to 99.


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