Enbridge CEO Sees Oil Prices in Sweet Spot for Drillers, Drivers

US benchmark West Texas Intermediate was up 4.1% to $71.35 a barrel at 2:31 p.m. in New York after plunging 11% this week through Thursday. The commodity has traded in a range of $70 to $80 for most of this year.

It’s difficult to determine the path ahead for oil demand, with signs of softening economic activity and slowing inflation clouded by strong jobs data, Ebel said. On the supply side, sanctions meant to constrict oil flows out of Russia are creating further volatility in the market, he said.

Enbridge posted first-quarter adjusted earnings of 85 Canadian cents a share on Friday, edging out the 84-cent average estimate of analysts. Shares of the Calgary-based company, North America’s largest pipeline operator, were up 0.6% to C$53.50 in Toronto.