U.S. commercial crude oil inventories increased by 0.6 million barrels to 470.5 million barrels.

The Worldwide Rig Count for March was 1,879, down 43 from the 1,921 counted in February 2023, and up 218, from the 1,661 counted in March 2022.

U.S. commercial crude oil inventories decreased by 3.7 million barrels to 470.0 million barrels.

Brent settled up 13 cents, or 0.2%, at $85.12 a barrel, WTI closed 9 cents, or 0.1%, higher at $80.70.

This will bring the total additional voluntary production adjustments by the above-mentioned countries to 1.66 million b/d.

Since Turkey can legitimately still import diesel-type fuel from Russia, traders can potentially bring in relatively cheap barrels to meet the country’s energy needs. At the same time, Turkey’s own production could be sold at a higher price to the EU.

Brent were down 19 cents, or -0.24%, at $79.08 a barrel, WTI fell by 1 cent, or -0.01%, to $74.36.

The EU says its sanctions are meant to cut Moscow revenues and access to technology used in war.

The stricter guidelines come as the outlook darkens for limiting global temperature increases to around 1.5C, with a lack of financing for greener projects a key hurdle.

Banking crisis seems to be a regulatory issue not a monetary policy issue. Dollar may get a leg up higher soon despite the fluid situation. Natural credit tightening by banks being a factor to consider, also remembering the Core PCE Data during the week.

Brent slid 48 cents, or 0.6%, to $75.43 a barrel, WTI dropped 52 cents, or 0.7%, to $69.44 a barrel.

For 2023, the world oil demand growth forecast remains unchanged at 2.3 mb/d, with the OECD Americas and OECD Europe revised slightly lower, while China is revised higher, with jet/kerosene and gasoline leading demand growth.

Preliminary production figures for February 2023 show an average daily production of 1 994 000 barrels of oil, NGL and condensate.

U.S. commercial crude oil inventories increased by 1.1 million barrels to 481.2 million barrels.

U.S. commercial crude oil inventories increased by 1.6 million barrels to 480.1 million barrels.