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1528 ET – Crude oil futures settle the day slightly higher, but still finish the week losing ground. For the week, crude oil fell 1% to $62.89 a barrel. This afternoon’s Rig Count Report from Baker Hughes showed a slight decrease in U.S. oil rigs, although that was offset by an increase in gas rigs. News that OPEC+ intends to resume oil output increases, as well as headlines surrounding U.S. military operations versus Iran drove trading, says Robert Yawger of Mizuho Securities USA in a note. Brent crude prices rose 0.3% for the day to $67.75 a barrel, making it 0.4% Brent prices fell for the week. (kirk.maltais@wsj.com)

Oil Moves Lower As Market Weighs Geopolitical Risk

0950 ET – Oil futures are lower amid mixed sentiment around possible U.S. action in Iran. While more talks are planned over coming weeks, reports of a second U.S. aircraft carrier heading to the Middle East keep the specter of eventual military action in sight. More Russia-Ukraine peace talks for next week are also tempering risk. “Near-term global crude supplies remain ample and crude futures are likely holding a $5 to $7/barrel geopolitical premium,” BOK Financial’s Dennis Kissler says in a note. “Negotiations with Iran and Russia will be the near-term market movers.” WTI is down 0.6% at $62.47 a barrel and Brent is off 0.4% at $67.25.(anthony.harrup@wsj.com)

Investors face a holiday-shortened week featuring Federal Reserve speakers and economic data. Walmart earnings will provide insight into the health of the U.S. consumer. The market will parse a significant batch of data at the end of next week—including an advance look at fourth-quarter GDP and the personal-consumption expenditures price index—to gauge the economy’s momentum and inflation.

Presidents Day (U.S. markets closed)

Fed speeches: Federal Reserve Vice Chair Michelle Bowman will speak at a conference in Orlando, Fla.