US crude closed at $105 while volatility was in control of prices
Crude oil prices managed another gain on Friday for the week but were still...
Crude oil prices managed another gain on Friday for the week but were still down 4% for the week as volatility gripped control over little progress seen in talks between Russia and Ukraine.
Prices for West Texas Intermediate crude for April delivery went up $1.72 to settle at $104.70 a barrel on the New York Mercantile Exchange.
Global benchmark Brent crude for May delivery closed up $1.29 at $107.93 on ICE Futures Europe.
April natural gas fell 13 cents $4.86 per 1,000 cubic feet.
U.S. energy firms this week reduced the number of oil rigs active in the United States even as oil prices continued to trade over $100 a barrel after Russia’s invasion of Ukraine stoked global energy supply concerns.
Overall, the total rig count, however, remained unchanged because drillers added some natural gas and other rigs this week.
Baker Hughes said that puts the total rig count up 252 rigs, or 61%, over this time last year.
U.S. oil rigs fell three to 524 this week, while gas rigs rose two to 137, their highest since October 2019.
Biden Administration to Resume Plans for Federal Oil and Gas Development
The Biden administration on March 18 said it would resume plans for oil and gas development...
The Biden administration on March 18 said it would resume plans for oil and gas development on federal lands following a court ruling this week that temporarily restored a measure meant to factor the cost of global warming into federal decision-making.
The announcement comes a month after the Interior Department said it would delay upcoming federal oil and gas lease sales because a Louisiana federal court judge blocked the administration from using its "social cost of carbon" value to factor the risks of climate change into decisions on permitting, investment and regulatory issues.
U.S. stocks finish with biggest weekly gain since November 2020
MarketWatch: U.S. stocks finished higher on Friday, with all three U.S. indexes...
MarketWatch: U.S. stocks finished higher on Friday, with all three U.S. indexes sweeping to big weekly gains after the Federal Reserve raised its benchmark rate for the first time since 2018 to help tighten financial conditions and tackle high inflation. The Fed move was widely expected, helping to embolden bullishness on Wall Street. S&P 500SPX, +1.17% rose about 51 points, or 1.2%, on Friday, booking at 6.2% weekly advance. The Dow Jones Industrial AverageDJIA, +0.80% rose 0.8% Friday, but 5.5% for the week, while the Nasdaq Composite IndexCOMP, +2.05% rose 2.1% Friday and a stunning 8.2% for the week. Those there the best weekly percentage gains for each index since Nov. 2020, according to Dow Jones Market Data. Investors also digested hawkish comments St. Louis Federal Reserve President Jim Bullard, who said the central bank risked losing credibility by moving too slowly to bring inflation down.
