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West Texas Intermediate traded above $74 a barrel, after finishing 0.8% higher on Thursday, while Brent closed near $77. Crude stockpiles at the Cushing, Oklahoma, hub dropped to the lowest level since 2014, while consumer inflation in China fell further toward zero.
Oil is set to eke out a third weekly gain, supported by cold weather that’s boosting demand for heating fuels and could disrupt refineries in the US. President-elect Donald Trump’s imminent return to the White House is also raising risks to Iranian supply and creating nervousness about a potential trade war that could hit demand for energy.
Trump is expected to authorize new drilling on federal lands as part of a flurry of executive orders in the early hours after his Jan. 20 inauguration. The president-elect has also pledged to put tariffs on all Canadian imports, potentially including crude.
Russia’s seaborne oil exports recently slumped to their lowest since August 2023. That’s seen Indian refiners buying Middle Eastern crudes after they failed to obtain the volumes of Russian crude they’d sought, according to traders.
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