Oil settles higher, records first weekly drop in 2024

Oil drilling rigs

Oil prices settled higher on Friday as markets evaluated expectations for higher demand for crude amid concerns for low supplies as the US launched air strikes on Houthis in Yemen.

Brent crude for March delivery rose 1.15% to $78.29 a barrel, after reaching $80.75 a barrel, reducing its weekly loss to 0.6%.

WTI contracts for February delivery added 0.9% to $72.68 a barrel, after touching $75.25 to cut its weekly loss to 1.55%.

China’s crude imports fell by 11% year-on-year to 563.99 million metric tons (11.28 million barrels per day) in 2023.

The US drilling rig count declined by two units to 499 in the week ended Jan. 12, Baker Hughes energy services firm said in its closely followed report on Friday.