The REPowerEU plan, which aims to end the EU’s dependence on Russian fossil fuels and tackle the climate crisis, will seek to raise the share of renewables in the region’s final energy consumption to 45% by 2030.

U.S. Rig Count is up 2 from last week to 771, Canada Rig Count is down 6 from last week to 210.

Brent slipped 12 cents to trade at $92.26 a barrel, WTI were down by 11 cents to $84.40 a barrel.

Benchmark futures declined as much as 4.8% on Friday and headed for a third straight weekly loss.

Germany stuck to its refusal to cap gas prices and the 27 could only agree to disagree, declaring they will keep on examining options to put a ceiling on costs.

U.S. commercial crude oil inventories decreased by 1.7 million barrels to 437.4 million barrels.

Brent rose $1.33, or 1.4%, to $93.74 a barrel, WTI rose $1.43, or 1.7%, to $86.98 per barrel.

"If we continue to meet our savings target of at least 20% in Germany, if three LNG terminals start operating at the beginning of next year at the latest, and if the expected winter-related decline in imports and the rise in currently low exports remain moderate, then we can get through the winter without a national gas emergency," he said in a statement.

While Europe lacks transparent data on who owns stored gas, the bulk is held by utilities, including state-owned companies, that will need to withdraw fuel to supply households and manufacturers, according to people familiar with the matter.

Taking into account the recent developments within the Oil Markets,it is safe to say that we are within the murky waters with very troubled vessels to act as a shield.

Brent rose 22 cents, or 0.2%, to $90.25 a barrel, WTI was at $83.50 a barrel.

The bloc’s eighth round of sanctions state that if a tanker owner transports Russian crude above an agreed price threshold, their ship would be prohibited from getting EU services needed to ship the commodity, such as insurance, “in the future.”

The UAE has expressed support for the statement by the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia regarding reviewing the status of oil markets and reducing production, noting that the decision was collective and based on the vote of OPEC+.

Going by big-ticket announcements of exits from coal in the last few weeks, sentiment in Australia is tilting toward those opposed to coal consumption, but market sources believe in the absence of replacement electricity generation sources, the closure of coal plants will inflate consumer power prices.

Brent eased by 7 cents, or 0.08%, to $91.55 a barrel, WTI were down 12 cents, or 0.14%, at $85.34.