Recouping previous session’s losses, crude oil futures ended significantly higher on Friday largely due to short covering. Expectations of increased demand for gasoline in the US in the coming weeks, and a weak dollar contributed as well to oil's uptick. Worries about rising coronavirus infections in India limited oil's rise. Traders also followed reports about resumption of work at Colonial Pipeline, which reopened earlier this week after a cyber-attack had prompted a shutdown. According to a report released by Baker Hughes, the number of oil and gas rigs in the United States increased by 5 this week, to 453.
Crude oil futures for June rose $1.55 or about 2.4 percent to settle at $65.37 barrel on the New York Mercantile Exchange. July Brent crude gained $1.65 or 2.5 percent to settle at $68.70 a barrel on London's Intercontinental Exchange.