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Crude oil futures end sharply higher on Friday

12 Mar 2022 Evaluate

Crude oil futures end sharply higher on Friday on concerns about disruptions in supply amid uncertainty about any meaningful progress in talks between Russia and Ukraine. Reports that some OPEC+ producers, including Angola and Nigeria, have struggled to meet their production targets, contributed as well to the uptick in crude oil prices. A report released by Baker Hughes showed the number of active U.S. rigs drilling for oil increased by eight to 527 this week. The report said the total active U.S. rig count, which includes those drilling for natural gas, climbed by 13 to 663.

Benchmark crude oil futures for April delivery surged $3.31 or 3.1 percent to settle at $109.33 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $3.20 or nearly 3 percent to settle at $112.53 a barrel on London's Intercontinental Exchange.