Crude oil futures ended higher on Friday as prices continued to recover from concerns that the omicron variant of coronavirus would disrupt economic activity, and energy demand. Fears of a likely slowdown in China's property sector as well as the country's broader economy, and declining domestic air traffic in China due to tighter travel restrictions limited oil's uptick. A report from Baker Hughes said the number of active U.S. rigs drilling for oil rose by four to 471 this week. The total U.S. rig count, which includes those drilling for natural gas, climbed by seven to 576, the data showed.
Benchmark crude oil futures for January delivery rose $0.73 or about 1 percent to settle at $71.67 a barrel on the New York Mercantile Exchange. Brent crude for February delivery added $1 or 1.34 percent to settle at $75.41 a barrel on London's Intercontinental Exchange.