Crude oil traded higher Friday morning in what looked like a potential fourth consecutive winning session fueled by reports of supply disruptions.

The IEA said that in terms of crude oil quantity, markets will adjust after initial dislocations related to the United States sanctions on Venezuela.

Traders waited Wednesday morning to see if EIA data confirms API reports of a small inventory draw in data on record for the first week of February.

Oil prices appeared to be feeling the impact of reports of rising production rigs as they started lower in the morning, extending a decline that started last week.

West Texas Intermediate prices were lower early Friday morning, in part as concerns grow about the effects on crude oil demand of an extended trade war between the U.S. and China.

Crude oil prices eased after recent gains as traders awaited trade talks progress, in low volume trading due to the Chinese new year.

Fuel prices were unchanged to start the week, with the national average at $2.26 per gallon, while the week ended January 25 saw a spike in gasoline.

BP on Friday announced plans to increase disclosure on its efforts to fight climate change after requests from two groups of investors.

Oil prices were near flat early Thursday in what was seen as a pause after gains in the two previous sessions, as traders considered geopolitical developments.

Oil prices rose Wednesday amid expectations that Venezuelan oil shipments would see some disruption following U.S. sanctions.