Crude oil futures ended sharply higher on Friday as ceasefire talks between Ukraine and Russia failed to yield a breakthrough. The White House reportedly warned Beijing that providing military or economic assistance for Russia's invasion of Ukraine will trigger severe consequences from Washington and beyond. According to a report from Baker Hughes, U.S. energy firms this week reduced the number of oil rigs even as crude prices continued to trade over $100 a barrel after Russia's invasion of Ukraine stoked global energy supply concerns. Oil rig count dropped by 3 this week, the second decline in three weeks. Despite the decline in oil rigs, the total rig count remained unchanged because drillers added some natural gas and other rigs this week.
Benchmark crude oil futures for April delivery rose $1.72 or 1.7 percent to settle at $104.70 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added $1.08 or 1.01 percent to settle at $107.72 a barrel on London's Intercontinental Exchange.