Crude oil futures ended higher on Friday amid rising expectations that global energy demand will pick up thanks to an acceleration in vaccination rollouts and the gradual reopening of business in several countries. Oil prices were also supported by the International Energy Agency's remarks in its monthly report that the Organization of the Petroleum Exporting Countries and allies would need to increase output to meet demand. The IEA expects energy demand to recover to pre-pandemic levels by the end of next year. According to Baker Hughes, the number of active US rigs drilling for oil increased by six to 365 this week. The total active US rig count, which includes those drilling for natural gas, rose by five to 461.
Crude oil futures for July rose $0.62 or 0.9 percent to settle at $70.91 barrel on the New York Mercantile Exchange. August Brent crude gained $0.30 or 0.4 percent to settle at $72.82 a barrel on London's Intercontinental Exchange.