US Cash Crude-Grades little changed even as U.S. energy firms cut oil rigs

April 11 (Reuters) - Grades were steady on Friday even as U.S. energy firms this week cut oil rigs by the most in a week since June 2023.

WTI Midland was unchanged, while Mars edged 10 cents higher.

Baker Hughes said oil rigs fell by nine to 480 this week. Oil producers were starting to think about cutting output and jobs due to a double whammy of higher crude output from OPEC and on-again, off-again tariffs that have dented demand, sources and industry executives said.

Meanwhile, China announced on Friday it will impose a 125% tariff on U.S. goods starting on Saturday, up from the previously announced 84%, after Trump raised tariffs against China to effectively 145% on Thursday.

At least two vessels carrying Venezuelan crude chartered by Chevron CVX.N are now stalled in Venezuelan waters due to state oil company PDVSA canceling their export authorizations after the U.S. imposed secondary tariffs on the OPEC member's buyers, three sources with knowledge of the matter said on Friday.

Light Louisiana Sweet WTC-LLS for May delivery eased 10 cents to a midpoint of a $2.20 premium and was seen bid and offered between a $2.00 and $2.40 a barrel premium to U.S. crude futures CLc1

Mars Sour WTC-MRS strengthened 10 cents to a midpoint of a $1.1 premium and was seen bid and offered between a 90-cent and $1.3 a barrel premium to U.S. crude futures CLc1

WTI Midland WTC-WTM was unchanged at a midpoint of a 90-cent premium and was seen bid and offered between a 70-cent and $1.10 a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS strengthened 15 cents to a midpoint of a 30-cent premium and was seen bid and offered between a 15-cent and 45-cent a barrel premium to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.00 and $1.50 a barrel premium to U.S. crude futures CLc1

ICE Brent June futures LCOc1 rose $1.43 to settle at $64.76 a barrel on Friday.

WTI May crude CLc1 futures rose $1.43 to settle at $61.5 a barrel on Friday.

The Brent/WTI spread WTCLc1-LCOc1 widened 10 cents to last trade at minus $3.80, after hitting a high of minus $3.72 and a low of minus $3.88.