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Crude oil futures settle higher

16 Oct 2021 Evaluate

Crude oil futures settled higher on Friday, with the International Energy Agency's report saying oil demand is likely to increase significantly due to the energy crunch continuing to support prices. The IEA said on Thursday that the energy crunch will likely boost oil demand by 500,000 barrels per day. Oil prices also found support after Saudi Arabia dismissed calls for additional OPEC+ production increases, saying the group's unwinding of production cuts was protecting the oil market from the wild price swings seen in the natural gas and coal markets. Meanwhile, a report from Baker Hughes said U.S. energy firms added oil and natural gas rigs for a sixth week in a row.

Benchmark Crude oil futures for November delivery surged $0.97 or about 1.2 percent to settle at $82.28 barrel on the New York Mercantile Exchange. Brent crude for December delivery rose about 1 percent to settle at $84.46 a barrel on London's Intercontinental Exchange.