08.04.202219:19:00UTC+00Oil Futures Settle Higher For The Day, But Shed 1.2% In Week

Crude oil prices climbed higher on Friday, but still posted a weekly loss, going down for a second straight week amid concerns about the outlook for energy demand, and the move by the IEA to release oil from its reserve.

West Texas Intermediate Crude oil futures for May ended up by 2.3% at $98.26 a barrel. However, the contrac shed 1.2% in the week.

Brent crude futures were up $2.06 or 2.05% at $102.64 a barrel a little while ago.

Oil prices dropped this week following the members of the International Energy Agency agreeing to a 120-million barrel release of crude and oil from emergency stockpiles to help cool global prices amid the Russia-Ukraine crisis.

Also, an extended lockdown in Shanghai due to the virus outbreak dimmed the outlook for energy demand.

According to a report released by Baker Hughes, the number of oil rigs in the United States went up by thirteen to 546 in the week ending April 8 compared to the previous week.

The number of US gas rigs rose by three to 141 in the week, while the total number of rigs in the country reached 689 after a rise of sixteen rigs. The number of oil rigs has gone up by 209 compared to the same period a year earlier.