Crude oil settles at $83.85

The price of the WTI crude oil settled on Friday at $83.85. The price settled up $0.28 or 0.34%.

The high-price today reached $84.46. The low price was at $83.35.

For the trading week, the price is trading higher by $1.54 or 1.87%.

The Baker Hughes weekly rig count showed a decrease in total rigs to 613 from 619, with oil rigs down by five to 506, and natural gas rigs moved down by one to 105.Concerns about a “Rafah operation,” remains a potential geopolitical risk. Meanwhile, the tensions between Iran and Isreal have abated.

This article was written by Greg Michalowski at www.forexlive.com.