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Crude oil futures end higher for third straight session on Friday

06 Mar 2021 Evaluate

Crude oil futures ended higher for third straight session on Friday reacting to the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to maintain their output reduction agreement through end of April. Saudi Arabia said it will retain its 1 million barrel-a-day voluntary production cut in order to support crude prices. Also, with the economy showing signs of a quick recovery, it is widely expected that energy demand will see a significant jump across the world. According to the report released by Baker Hughes, US energy firms added oil and natural gas rigs for a second week in a row amid rising crude prices. The oil and gas rig count in the US rose to 403 this week, an addition of one rig from a week earlier.

Crude oil futures for April rose $2.26 or about 3.5 percent to settle at $66.09 barrel on the New York Mercantile Exchange. May Brent crude surged $2.63 or 3.91 percent to settle at $69.37 a barrel on London's Intercontinental Exchange.

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