U.S. commercial crude oil inventories increased by 2.0 million barrels to 416.8 million barrels.

Brent were up 28 cents, or 0.2%, at $119.79 barrel, WTI were up 31 cents, or 0.3%, at $118.81 a barrel.

Brent firmed 32 cents, or 0.3%, to $120.04 a barrel, WTI were up 40 cents, or 0.3%, at $119.27 a barrel.

The Worldwide Rig Count for May was 1,628, up 25 from the 1,603 counted in April 2022,and up 366 from the 1,262 counted in May 2021.

U.S. Rig Count is is down 0 from last week to 727, Canada Rig Count is up 14 from last week to 117.

Brent fell 85 cents, or 0.7%, to $116.76 a barrel, WTI slipped 88 cents, or 0.8%, to $115.99.

The price of OPEC basket of thirteen crudes stood at $114.62 a barrel on Thursday,

Therefore, July production will be adjusted upward by 0.648 mb/d as per the attached schedule.

"The EU's decisions to partially phase out Russian oil and oil products, as well as to ban the insurance of Russian merchant ships, are highly likely to provoke further price increases, destabilize energy markets, and disrupt supply chains," the Russian Foreign Ministry said in a statement.

Asia is expected to account for about 40% of global incremental crude runs in 2022, with the US and Europe accounting for about 30% and 18%, respectively.

U.S. commercial crude oil inventories decreased by 5.1 million barrels to 414.7 million barrels.

Brent was down $2.07, or 1.8%, at $114.22 a barrel, WTI dropped $2.21, or 1.9%, to $113.05 a barrel.

The price of OPEC basket of thirteen crudes stood at $122.94 a barrel on Tuesday,

Another group of officials, many based at Janet Yellen’s Treasury Department, worry about further strains on a global economy already suffering from supply-chain woes, inflation, volatile oil prices and a potential food crisis.

Meanwhile those with spare capacity – primarily Saudi Arabia and the UAE – have held off on breaching their quotas to maintain OPEC+ unity rather than spark a market share battle.