Trick or trend: As oil breaks above $95 a barrel, U.S. producers add drilling rigs
Brent crude, the international oil benchmark, broke above $95 a barrel on Friday to an intraday high of $95.66 before closing at $94.44, up 3.31%. U.S. benchmark West Texas Intermediate closed ahead 3.58% to $93.1 after trading as high as $94.66. The short-term reason was increased fear of a wider shooting conflict between Russia and Ukraine. Long-term term, reason higher projections of global oil demand in 2022 from the International Energy Agency. The IEA raised its 2022 demand forecast and said it now expects global demand to expand by 3.2 million barrels per day this year. That would take demand to an all-time record.
