Crude oil futures ended higher on Friday amid hopes that energy demand will pick up gradually following another coronavirus vaccine getting the nod from the US drug regulator. The recent data from Energy Information Administration (EIA) that showed a sharp drop in crude oil stockpiles last week continued to support oil prices. Oil is also continuing to be supported by the recent decision of the Organization of the Petroleum Exporting Countries and allies to slow the pace of a planned increase in supplies next year. According to a report released by Baker Hughes, the number of active U.S. rigs drilling for oil rose by 5 to 263 this week, continuing to rise for a fourth straight week. The total active U.S. rig count, including those drilling for natural gas, increased by 8 to 346.
Crude oil futures for January gained $0.74 or 1.5 percent to settle at $49.10 a barrel on the New York Mercantile Exchange. February Brent crude rose nearly 1.5 percent to settle at $52.26 a barrel on London's Intercontinental Exchange.