Crude oil futures closed considerably higher on Friday amid tighter supplies and signs of increasing demand for energy. Oil also found support from a recent statement from the U.S. Department of Energy that the Biden administration is not considering tapping into its emergency reserves to tackle the energy crisis in the market. A report from Baker Hughes said U.S. rigs drilling for oil climbed by five to 433 this week, rising for the fifth consecutive week. The report said the total active U.S. rig count, including those drilling for natural gas, also increased by five to 533.
Benchmark Crude oil futures for November delivery rose $1.05 or about 1.3 percent to settle at $79.35 barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $0.50 or 0.6 percent to settle at $82.45 a barrel on London's Intercontinental Exchange.