Crude oil futures settled significantly higher on Friday amid uncertainty that supply from the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, is unlikely to move up any significantly. The OPEC+ is set to meet on August to consider crude output level. According to reports, the group is likely to keep its output unchanged in September. The recent data from the Energy Information Administration (EIA) showing crude inventories in the U.S. fell by 4.5 million barrels in the week ended July 22nd, continued to contribute to the rise in oil prices. Meanwhile, a report from Baker Hughes showed rigs drilling for gas in the U.S. rose by 2 to 157 in the week to July 29. Oil rigs rose by six to 605.
Benchmark crude oil futures for September delivery rose $2.20 or 2.3 percent to settle at $98.62 a barrel on the New York Mercantile Exchange. Brent crude for September delivery added $2.87 or 2.87 percent to settle at $110.01 a barrel on London's Intercontinental Exchange.