Doha: Oil edged higher in volatile trade on Friday, with prices supported by the prospect of lower Russian exports but pressured by rising inventories in the United States and concerns over global economic activity. The benchmarks were little changed on the week. Brent crude futures settled at $83.16 a barrel, up 95 cents, or 1.2 percent. West Texas Intermediate U.S. crude futures (WTI) closed at $76.32 a barrel, rising 93 cents, or 1.2 percent.
Earlier, both fell by more than $1 a barrel. On the anniversary of Russia’s invasion of Ukraine, Brent crude was about 15 percent lower than a year earlier. It hit a 14-year high of nearly $128 a barrel on Mar. 8, 2022. Both benchmarks rose about 2 percent in the previous session on Russia’s plans to cut oil exports from its western ports by up to 25 percent in March, which exceeded its announced production cuts of 500,000 barrels per day. However, 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.
US oil rigs, an indicator of future supply, fell seven to 600 this week, while the total count was still up 103 rigs over this time last year, energy services firm Baker Hughes Co said.
The Asian spot liquefied natural gas (LNG) price eased last week, extending declines to its lowest since July 2021, as demand from key buyers in northeast Asia remains weak.
