It’s been a volatile week for oil as the Colonial Pipeline saga and the associated boom-bust-boom in gasoline from that played against the backdrop of India’s festering Covid situation. With Friday’s settlement, the bulls in crude could heave a sigh of relief: It was another winning week. New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled at $65.37, up $1.55, or 2.4%.
Amid inflationary concerns, Americans are feeling the heat of soaring prices at the pumps.
Traders will also focus on the release of the weekly Baker Hughes rig count, at 1:00 PM ET (1700 GMT), for a guide of future U.S. supply.