Brent was down 2 cents at $93.25 a barrel, WTI fell 47 cents, or 0.5%, to $91.84 a barrel.

The Worldwide Rig Count for January was 1,632, up 69 from the 1,563 counted in December 2021,and up 449 from the 1,183 counted in January 2021.

U.S. Rig Count is up 3 from last week to 613 , Canada Rig Count is up 1 from last week to 218.

Brent was up 47 cents/b (0.52%) from the previous close at $91.58/b, WTI rose 63 cents/b (0.7%) at $90.90/b.

U.S. commercial crude oil inventories decreased by 1.0 million barrels from the previous week to 415.1 million barrels.

Brent was down 43 cents/b (0.48%) from the previous close to $89.04/b, WTI fell 60 cents/b (0.68%) at $87.66/b.

Brent crude rose 11 cents, or 0.1%, to $89.27 a barrel, WTI was up 14 cents, or 0.2%, at $88.34 a barrel.

Brent was down 74 cents, or 0.8%, at $88.52 a barrel , WTI slipped 83 cents, or 0.9%, to $87.32.

Already, oil prices have hit seven-year highs in recent days over the ratcheting tensions between the West and Russia over Ukraine.

Ukraine, which earns more than Poland from gas transit fees, may have to look at ways to diversify its own supplies and rethink its function in the European gas system. Until it does, it will continue to depend on Russia.

China, the world's biggest greenhouse gases emitter and coal consumer, is expected to add 180 gigawatts (GW) of new power generation capacity from non-fossil fuel sources during 2022, driving total non-fossil fuel capacity to 1,300 GW, according to a report issued by the China Electricity Council (CEC) late on Thursday.

Brent futures contract was up $1.30/b (1.44%) from the previous close at $91.33/b, WTI rose $1.21/b (1.39%) at $88.03/b.

This duplication of generating capacity increases electricity infrastructure investment, thus increasing required return on investment and consumer electric rates.

most of the growth was seen in energy sustainability, digital transformation, renewable energy, and electrification of transportation.

U.S. Rig Count is up 6 from last week to 610 , Canada Rig Count is up 5 from last week to 217.