Snapping two successive days of sharp losses, crude oil futures ended higher on Friday, pressured by the possibility of more crude supplies on the global market and risks to the demand outlook. With several countries across the world beginning to tighten restrictions to curb the spread of the delta variant of the coronavirus, there are expectations that oil demand might weaken in some parts in the coming weeks. According to a report from Baker Hughes, oil and gas rigs count in the US rose for a third week in a row, increasing by 5 to 484 in the week to July 16, the highest level since April 2020. US oil rigs rose two to 380 this week, their highest since April 2020. Gas rigs increased by three to 104, their highest since March 2020, rising for five weeks in a row, the longest streak since March 2018.
Crude oil futures for August rose 16 cents or 0.2 percent to settle at $71.81 barrel on the New York Mercantile Exchange. September Brent crude added 12 cents or 0.2 percent to settle at $73.59 a barrel on London's Intercontinental Exchange.