Crude oil futures settled sharply higher on Friday amid reports that an increase in Saudi oil output is unlikely for now. Traders looked ahead to the outcome of U.S. President Joe Biden's meetings with top Saudi officials. Biden is likely to ask Saudi Arabia to ramp up oil production. Slightly easing fears about a sharp 100 bps rate hike by the Fed later this month, and the dollar's retreat from a new 20-year high contributed as well to the rise in oil prices. According to the report released by Baker Hughes, oil rig count in the U.S. increased by four to 756 this week.
Benchmark crude oil futures for August delivery rose $1.81 or 1.9 percent to settle at $97.59 a barrel on the New York Mercantile Exchange. Brent crude for September delivery added $2.06 or 2.1 percent to settle at $101.16 a barrel on London's Intercontinental Exchange.