Crude oil futures settled higher on Friday as traders weighed possible outcomes for Monday’s expected decision by Organization of the Petroleum Exporting Countries (OPEC) and its allies on crude production levels. It is widely expected that the cartel may go beyond its existing deal to boost production by 400,000 barrels per day (bpd) in November and December. According to a report from Baker Hughes, the oil and gas rig count rose by seven to 528 in the week to October 1, its highest since April 2020. The total rig count was up 262 rigs, or 98%, over this time last year. The report said, drillers have added rigs for 14 straight months now. U.S. oil rigs rose seven to 428 this week, while gas rigs were steady at 99.
Benchmark Crude oil futures for November delivery rose 85 cents or 1.1 percent to settle at $75.88 barrel on the New York Mercantile Exchange. Brent crude for December delivery added 97 cents or 1.2 percent to settle at $79.28 a barrel on London's Intercontinental Exchange.