CRUDE WRAP: WTI (X6) SETTLES USD 1.76 LOWER AT USD 91.11/BBL; BRENT (Z6) SETTLES USD 0.06 LOWER AT USD 102.25/BBL

Brent ended the final trading session of the week little changed, while WTI was lower. Initially, benchmarks were pressured by reports that France proposed releasing 50mln bbls of diesel from Europe alongside 50mln bbls of crude across IEA members, conditional on the US refraining from a unilateral diesel export ban. Moreover, WTI and Brent fell to lows of USD 88.06/bbl and USD 95.12/bbl, respectively, following French President Macron confirming that diesel and crude stocks would be released over 4 months and G7 leaders confirming the release of up to 100mln barrels of oil and diesel stocks. However, after the aforementioned troughs were hit, benchmarks reversed, with Brent even paring losses, on no clear headline driver heading into weekend trade. For the record, in the weekly Baker Hughes rig count, oil was up 1 at 456, natgas down 2 to 133, leaving the total down 1 at 598. Over the weekend, participants will be awaiting any further updates from the Middle Eastern situation.