Crude oil futures ended notably higher on Friday, with gains of over 2% amid concerns about possible disruptions in production. A report from the U.S. National Hurricane Centre that a storm forming over the Western Gulf of Mexico will likely become a cyclone over the weekend. Traders also weighed prospects of excess supply in the market following signs of progress in Iran nuclear talks, and uncertainty about energy demand due to the surge in coronavirus cases in Asia. A report from Baker Hughes said the number of US rigs drilling for oil rose by 4 to 356 this week, increasing for a third straight week. The total active US rig count climbed by 2 to 455.
Crude oil futures for June surged $1.64 or about 2.7 percent to settle at $63.58 barrel on the New York Mercantile Exchange. July Brent crude jumped $1.44 or 2.2 percent to settle at $66.55 a barrel on London's Intercontinental Exchange.