Crude oil futures ended sharply higher on Friday and lifted the most active crude futures contracts to their highest close in over seven years. Oil prices surged higher on rising concerns over supply disruptions following a massive winter storm that blew across central and northeast United States disrupting oil production in the Permian Basin. Mounting tensions between Russia and Ukraine contributed as well to the uptick in oil prices. A report from Baker Hughes showed US energy firms added oil and natural gas rigs for a fifth week in a row for the first time since November. The oil and gas rig count rose three to 613 in the week to February 4, the highest level since April 2020.
Benchmark crude oil futures for March delivery surged $2.04 or about 2.3 percent to settle at $92.31 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $2.17 or 2.4 percent to settle at $93.28 a barrel on London's Intercontinental Exchange.