Crude oil futures ended significantly higher on Friday, as recent data showing a drop in U.S. crude stockpiles, and Saudi Arabia's decision to cut output continued to support the commodity. Data released by Baker Hughes said the oil drilling rigs count in the U.S. rose for a seventh straight week, surging up by 8 to 275 this week. Earlier this week, Saudi Arabia made a surprise announcement, saying it would reduce crude output by 1 million barrels a day in February and March. This significantly offset OPEC+'s decision to allow Russia and Kazakhstan to increase their outputs by a combined 75,000 barrels a day.
Crude oil futures for February rose $1.41 or 2.8 percent to settle at $52.24 a barrel on the New York Mercantile Exchange. March Brent crude gained $1.61 or 3 percent to settle at $55.99 a barrel on London's Intercontinental Exchange.