Crude oil futures settled sharply higher on Friday as traders assessed China’s decision to release crude from its strategic reserve and continued to monitor the slow return of production in the Gulf of Mexico following Hurricane Ida. The latest data from Energy Information Administration showing declines in crude oil, gasoline and distillate stockpiles in the U.S. last week continued to support oil's advance. Oil's rise was also due to reports indicating a warmer relationship between the U.S. and China following a call between the presidents of the two nations.
Crude oil futures for October rose $1.58 or 2.3 percent to settle $69.72 barrel on the New York Mercantile Exchange. November Brent crude surged $1.47 or 2.1 percent to settle at $72.92 a barrel on London's Intercontinental Exchange.