Crude oil futures ended higher on Friday amid growing optimisms about increased demand for energy coupled with the recent decision by OPEC+ to gradually increase crude output. The Organization of the Petroleum Exporting Countries and its allies have predicted a solid demand in recovery in the United States and China, the world's two biggest oil consumers, but stuck to their plan to ease supply controls gradually. Oil also continued to find support from data released by Energy Information Administration (EIA) that showed crude oil stockpiles in the U.S. fell more than expected in the week ended May 29. Data from EIA on Thursday showed crude inventories in the country dropped by 5.1 million barrels last week, more than twice the expected drop. According to a report from Baker Hughes, oil and natural gas rigs count in the US fell this week, dropping for the first time in six weeks. The report said the US oil and gas rig count fell by one to 456 in the week to June 4.
Crude oil futures for July gained $0.81 or 1.2 percent to settle at $69.62 barrel on the New York Mercantile Exchange. August Brent crude fell $0.65 or 0.9 percent to settle at $71.96 a barrel on London's Intercontinental Exchange.