Oil rises, records weekly gains

Oil drilling rigs

Oil edged up today, June 16, amid forecasts for demand recovery and more monetary easing in China.

The US drilling rig count fell four units to 552 in the week ended June 16, the lowest number since April 2022, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent crude for August delivery rose 1.25%, or $0.94 higher to close at $76.61 a barrel, with weekly gains of 2.4%.

WTI contracts for July inched higher 1.65%, or $1.16, to $71.78 a barrel, recording 2.3% weekly gains.

OPEC Secretary-General Haitham Al Ghais said the organization will continue to play its vital role in maintaining the market stability, pointing out that the historical agreement on establishing the organization in 1960 helped maintain the sovereign right of the founding country.

Russian Energy Minister Nikolai Shulginov expects the country to see its oil and condensates production drop by 20 million tons, or 400,000 barrels per day (bpd), this year, compared to last year.