Crude oil futures ended significantly higher on Friday, with U.S. prices tallying a record streak of weekly gains, on the back of easing travel restrictions, a slow recovery in U.S. crude production and expectations for higher energy demand for the holidays. A report from the U.S. Energy Information Administration (EIA) showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to 31.2 million barrels, their lowest level since October 2018, despite refinery crude runs having fallen in the week to October 15. According to a report from Baker Hughes, U.S. oil and gas rig count fell by 1 to 542 this week. Despite this week's decline, the total rig count was still up 255 rigs, or 89%, over this time last year. U.S. oil rigs fell 2 to 443 this week, while gas rigs rose 1 to 99.
Benchmark Crude oil futures for December delivery rose $1.26 or 1.5 percent to settle at $83.76 barrel on the New York Mercantile Exchange. Brent crude for December delivery gained 92 cents or 1.1 percent to settle at $85.53 a barrel on London's Intercontinental Exchange.