Crude oil futures settled notably higher on Friday amid worries about supply following the European Union's decision proposing some of its toughest measures yet against Russia, including a total ban on oil imports. According to reports, the EU is willing to exempt some central European member states from its proposed embargo on Russian oil. Meanwhile, the OPEC countries are against replacing Russian oil amid concerns about slower demand in China. According to a report from Baker Hughes, the number of total active drilling rigs in the United States rose by 7 this week, after an increase of 3 rigs in the week prior. The total rig count increased to 705 this week, 257 rigs higher than the rig count this time in 2021, the report said. Oil rigs in the United States rose this week by 5 rigs to 557, while gas rigs rose by 2 to 146.
Benchmark crude oil futures for June delivery added $1.51 or 1.4% percent to settle at $109.77 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $2.04 or 1.84 percent to settle at $112.94 (Provisional) a barrel on London's Intercontinental Exchange.