Extending their gains for second straight session, crude oil futures ended significantly higher on Friday, after data showed a stronger-than-expected addition of jobs in the U.S. in the month of June. Data released by the Labor Department today showed non-farm payroll employment jumped by 372,000 jobs in June after surging by a revised 384,000 jobs in May. Street had expected employment to increase by 268,000 jobs compared to the addition of 390,000 jobs originally reported for the previous month. Meanwhile, a report from Baker Hughes said the number of active U.S. rigs drilling for oil rose by two to 597 this week, rising for a fifth straight week. The total active U.S. rig count, include those drilling for natural gas, also climbed by two to 752.
Benchmark crude oil futures for August delivery rose $2.06 or 2 percent to settle at $104.79 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $2.37 or 2.3 percent to settle at $107.02 (Provisional) a barrel on London's Intercontinental Exchange.