• West Texas Intermediate held near $74 a barrel after jumping more than 2% on Thursday, with a drop in US inventories providing further support. The US has launched multiple attacks on Houthi targets in Yemen, but the militant group continues to menace shipping off the coast, forcing many vessels to make
    costly diversions. President Joe Biden said airstrikes will continue.
  • Crude has struggled to set a sustained direction in the opening weeks of the year as the lift from the tensions in the Middle East has been offset as traders dialed back bets the Federal Reserve will start cutting interest rates soon, hurting risk assets.
  • US nationwide commercial crude stockpiles fell 2.5 million barrels last week, to the lowest since October, according to the Energy Information Administration. While oil exports were
    strong, imports are also climbing as refiners make the most of cheap and plentiful Canadian supplies.