Crude oil futures ended higher on Friday with prices climbing up amid concerns of tight supplies. Rising geopolitical concerns and limited output increases by major crude producers amid a surge in fuel demand contributed to the uptick in oil prices. On the geopolitical front, Russia said it was clear the United States was not willing to address its main security concerns in their standoff over Ukraine. The U.S. and its allies are reportedly hoping that Russia will study their responses and come back to the negotiating table. A report from Baker Hughes showed the number of active U.S. rigs drilling for oil was up by four to 495 this week. The total active U.S. rig count, which includes those drilling for natural gas, climbed by six to 610.
Benchmark crude oil futures for March delivery rose $0.21 or about 0.2 percent to settle at $88.82 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $0.50 or 0.56 percent to settle at $88.67 a barrel on London's Intercontinental Exchange.