Grades rose on Friday, dealers said, as the U.S. oil rig count slid to its lowest in more than four years while refinery demand crept higher.

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since August, energy services firm Baker Hughes BKR.O said in its closely followed report.

Oil rigs fell by eight to 406 this week, their lowest since September 2021.

On the demand side, U.S. oil refiners are expected to have about 186,000 barrels per day of capacity offline in the week ending December 19, increasing available refining capacity by 55,000 bpd, research company IIR Energy said on Friday.

Offline capacity is expected to fall to 145,000 in the week ending December 26, IIR said.

Light Louisiana Sweet for January delivery rose 3 cents to a midpoint of a $2.63 premium and was seen bid and offered between a $2.40 and $2.85 a barrel premium to U.S. crude futures

Mars Sour rose 50 cents to a midpoint of a 30-cent discount and was seen bid and offered between a 40-cent and 20-cent a barrel discount to U.S. crude futures

WTI Midland rose 5 cents to a midpoint of a 45-cent premium and was seen bid and offered between a 35-cent and 55-cent a barrel premium to U.S. crude futures

West Texas Sour rose 10 cents to a midpoint of a $2 discount and was seen bid and offered between a $2.45 and $1.55 a barrel discount to U.S. crude futures

WTI at East Houston , also known as MEH, traded between a 65-cent and 85-cent a barrel premium to U.S. crude futures

ICE Brent February futures rose 65 cents to settle at $60.47 a barrel

WTI February crude futures rose 52 cents to settle at $56.52 a barrel

The Brent/WTI spread widened 15 cents to last trade at minus $3.97, after hitting a high of minus $3.78 and a low of minus $3.97
Source: Reuters