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Oil settled higher as Saudi might not lift output immediatelyOil settled higher as Saudi might not lift output immediately |
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International benchmarks for crude oil jumped 2% on Friday, 15 July 2022 after US officials said that Saudi Arabia might not increase outputs immediately and would stick to the OPEC+ production schedule. However, the gains were capped by indications that supply is improving elsewhere. The US oil rig count inched up to 599 during the week, the highest level since March 2020. Meanwhile, Libya is planning to lift force majeure on oil production, allowing the return of 850,000 barrels per day.
Brent rose $2.06 or 2.1% to settle at $101.16/barrel.
WTI gained $1.81 or 1.9% to close at $97.59/barrel.
