Extending gains to a fourth straight session, crude oil futures settled slightly higher on Friday, with traders betting on hopes demand for energy will see a significant increase in coming months, driven by the continued fall in oil stocks and rising rates of vaccinations. According to a report from Baker Hughes, the number of oil and gas rigs in the US rose by 7 this week to 491, which is up 240 from the same time last year The US oil rig count rose by 7 this week to 387, while the number of gas rigs stayed unchanged at 104. Meanwhile, the Energy Information Administration estimates oil production in the US for the week ending July 16 remained the same at an average of 11.4 million barrels per day, still well below the 13.1 million barrels per day seen in February 2020.
Crude oil futures for September rose $0.16 or about 0.2 percent to settle at $72.07 barrel on the New York Mercantile Exchange. September Brent crude surged $0.22 or 0.31 percent to settle at $74.01 a barrel on London's Intercontinental Exchange.