Crude oil futures ended sharply higher on Friday amid possible near-term disruptions in oil and natural gas operations in the Gulf of Mexico region due to the impact of Hurricane Ida. According to reports, the hurricane will likely make landfall along the U.S. northern Gulf Coast this weekend. Meanwhile, a report from Baker Hughes shows the number of active U.S. rigs drilling for oil increased by five to 410 this week, marking the fourth weekly increase in a row. The total active U.S. rig count climbed by five to 508.
Crude oil futures for October rose $1.32 or about 2 percent to settle $68.74 barrel on the New York Mercantile Exchange. October Brent crude added $1.40 or about 2% percent to settle at $71.59 a barrel on London's Intercontinental Exchange.