Vienna: Oil prices experienced a modest rise at Friday’s settlement, bouncing back from mid-day declines triggered by reports of an upcoming OPEC+ production increase scheduled for August. This rise followed a challenging week where prices saw a 12% drop, marking the most significant weekly decline since March 2023.

According to National Iraqi News Agency, Brent crude futures concluded at $67.77 per barrel, reflecting a slight increase of 4 cents, or 0.1%. Concurrently, US West Texas Intermediate crude finished trading with a 28-cent rise, or 0.4%, settling at $65.52 per barrel. These price movements occurred amid market adjustments following a ceasefire announcement between Israel and Iran, which had initially driven crude prices to over $80 a barrel before they retreated to the $67 mark.

US government data highlighted a decrease in crude oil and fuel inventories last week, attributed to heightened refining activity and rising demand. Additionally, reports indicated that gasoil stocks at the Amsterdam-Rotterdam-Antwerp hub dropped to their lowest levels in over a year, while middle distillate stocks in Singapore decreased in light of increased net exports.

Analysts noted a rise in China’s imports of Iranian oil in June, with shipments increasing ahead of the Israel-Iran conflict and bolstered demand from independent refineries. China, the leading global oil importer and primary buyer of Iranian crude, reportedly acquired over 1.8 million barrels per day of Iranian crude from June 1 to June 20, as tracked by Vortexa.

In related developments, Baker Hughes reported a decline in the U.S. oil and natural gas rig count for the fourth consecutive month, reaching the lowest point since October 2021. Specifically, the oil rig count decreased by six, totaling 432 this week, matching the lowest levels observed since October 2021.