Crude oil futures ended sharply higher on Friday amid concerns it might take several weeks to dislodge the giant container ship that is blocking the Suez Canal, a critical commodity chokepoint that connects the Red Sea with the Mediterranean. According to reports, efforts are on to free the giant cargo ship blocking Egypt's Suez Canal, which is estimated to be holding up more than $9 billion worth of goods each day. Hopes that OPEC and its allies might continue with lower production contributed as well to the rise in oil prices. A report from Baker Hughes showed the number of oil and gas rigs in the United States increased by 6 this week after an increase of 9 last week. The total number of active oil and gas rigs in the US is now at 417, which is 311 fewer than this time last year.
Crude oil futures for May jumped $2.41 or 4.1 percent to settle at $60.97 barrel on the New York Mercantile Exchange. May Brent crude surged $2.65 or 4.28 percent to settle at $64.60 a barrel on London's Intercontinental Exchange.