Rebounding from recent losses, crude oil futures ended sharply higher on Friday. Traders anticipate high demand for energy and tight supply to persist over the summer months, despite rising concerns over recession. Market participants are eyeing the upcoming OPEC+ meeting, due to take place next week. At the OPEC+ meeting, major producers, including Russia, are likely to stick to a plan to increase output by 648,000 barrels a day in August. Meanwhile, a report from Baker Hughes said the oil and gas rig count in the U.S. rose 13 to 753 in the week to June 24, its highest since March 2020. The report said total rig count was up 283, or 60%, over this time last year.
Benchmark crude oil futures for August delivery rose $3.35 or about 3.2 percent to settle at $107.62 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up by $2.89 or 2.63 percent to settle at $112.94 a barrel on London's Intercontinental Exchange.