Crude oil futures ended higher on Friday amid expectations of increased demand even as the Organization of the Petroleum Exporting Countries (OPEC) and its allies decided to increase output. Saudi Arabia and other OPEC+ states agreed to increase oil production to offset Russian output losses because of Western sanctions. Some optimism also came in with data showing a stronger than expected increase in U.S. non-farm payroll employment in the month of May. Meanwhile, the overall U.S. rig count remained unchanged at 727 this week, according to the latest tally from Baker Hughes Co.
Benchmark crude oil futures for July delivery rose $2 or 1.7 percent to settle at $118.87 a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained $2.11 or 1.8 percent to settle at $119.72 a barrel on London's Intercontinental Exchange.