US crude inventories rise more than 4 million barrels
The US Energy Information Administration reported today that crude inventories rose 4.4 million barrels to 486.6 million during the past week, on par with forecasts.
Gasoline stocks rose 300K to 245.2 million barrels, and distillate stocks rose 0.5 million to 163.7 million barrels.
While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 2.6 million barrels during the same period.
US oil rigs count rises this week - Baker Hughes
Baker Hughes for oil services announced that the US oil rigs count rose 2 rigs to 289 rigs this week.
While the natural gas rigs count rose by 3 to 88 rigs, while the total number of natural gas and oil rigs rising 5 rigs to 377.
Oil pares some losses ahead of Baker Hughes data
Oil prices fell on Friday, as the US dollar rose against most of its peers, ahead of the Baker Hughes oil rigs count data.
US President Joe Biden announced the US rejoining the Paris agreement on climate change, and his administration is considering halting oil and gas exploration agreements of his predecessor Donald Trump.
And Baker Hughes, the oil services company, will announce later today, data for its crude and natural gas exploration activities in the United States for this week.
The dollar index rose against a basket of major currencies by 0.1% to 90.1 points as of 16:41 GMT, after hitting a high of 90.3 points and a low of 90.05 points.
As of 16:39 GMT, WTI crude February futures fell 1.3% to $52.4 a barrel, after hitting a day high of $53.1 and a low of $51.4.
Brent March futures fell 1.2% to $55.4 a barrel, after hitting a high of $56.03 and a low of $54.8.
Nickel rises on optimism about electric vehicle sales
Nickel prices rose on Friday, amid optimism about the strength of demand for electric vehicles, which benefits nickel as it is one of the major metals used in the electric batteries.
Nickel prices jumped about 70% since hitting the lowest level in March, as analysts bet on increased demand for electric vehicles.
US President Joe Biden announced the US rejoining the Paris agreement on climate change, which includes reducing carbon dioxide emissions and the adoption of environmentally friendly policies.
The dollar index fell against a basket of major currencies by 0.1% to 90.2 points as of 14:34 GMT, after hitting a high of 90.3 points and a low of 90.05 points.
Nickel spot futures rose 0.1% to trade at $18,039.7 per tonne as of 14:35 GMT.