Crude oil futures ended significantly higher on Friday, extending recent gains, following a report from the International Energy Agency (IEA) that said oil production from OPEC and allies were significantly below target in January. The IEA report said the group produced 900,000 barrels per day in January. Also, the OPEC maintained its outlook for oil demand in 2022 but said there is an ‘upside potential to the forecast’, citing an ongoing observed strong recovery from the coronavirus pandemic. Besides, data from Energy Information Administration showed earlier this week that U.S. crude oil stockpiles unexpectedly fell 4.8 million barrels in the week to Feb. 4 as overall refined product demand reached an all-time record. According to a report from Baker Hughes, the rig count in the U.S. has risen by 19 to 516, the highest since April 2020.
Benchmark crude oil futures for March delivery rose $3.22 or 3.6 percent to settle at $93.10 a barrel on the New York Mercantile Exchange. Brent crude for April delivery gained $3.03 or 3.3 percent to settle at $94.44 a barrel on London's Intercontinental Exchange.