Crude oil futures pared most of their early gains and settled almost flat on Friday amid supply concerns and hopes of a robust demand during the later part of the year and in 2023. Initially, some support also came amid uncertainty about the revival of the Iranian nuclear deal and the likely impact on supply contributed as well to oil's uptick. Though, gains got trimmed on reports of the resumption of oil exports from Iraq's Basra oil terminal, where a spillage had forced disruptions last night. Meanwhile, a report from Baker Hughes said the number of active U.S. rigs drilling for oil rose by eight to 599 this week, rising for the first time in three weeks. It said the total active U.S. rig count, including those drilling for natural gas, climbed by 4 to 763.
Benchmark crude oil futures for October delivery settled almost flat $0.01 at $85.11 a barrel on the New York Mercantile Exchange. Brent crude for November delivery rose $0.51 or about 0.6 percent to settle at $91.35 (provisional) a barrel on London's Intercontinental Exchange.