Oil traded higher today for third straight week on tight supply and China optimism. U.S. West Texas Intermediate futures traded higher today and closed up 61 cents per barrel to close at $90.77 per barrel. Brent crude futures rose 23 cents, to settle at US$93.93 per barrel. Both contracts gained about four per cent week over week and Oil prices are on track for their biggest quarterly increase since Russia’s invasion of Ukraine in the first quarter of 2022. “Supply growth from the U.S. appears to be limited as producers there have taken drilling activity down nearly 20 per cent from last year’s peak.” – according to Third Bridge analyst Peter McNally. North American RIG count was up 17 RIGS week over week but down by 143 RIGS year over year! Hopefully the Biden Administration doesn’t get any bright ideas to drain the SPR to try and control prices but you never know – it worked so well the first time.