Crude oil futures ended higher on Friday amid rising prospects for a reduction in output from the Organization of the Petroleum Exporting Countries and allies. The Saudi-led Organization of the Petroleum Exporting Countries and its allies led by Russia, together known as OPEC+, will meet on Monday. According to a report released by Baker Hughes, the number of active U.S. rigs drilling for oil fell by nine to 596 this week. The report said the total active rig count in the U.S., including those drilling for natural gas, declined by five to 760. Meanwhile, group of seven finance ministers agreed to impose a price cap on Russian oil aimed at slashing revenues for Moscow's war in Ukraine while avoiding price spikes. However, Russia said it would halt oil sales to countries imposing it.
Benchmark crude oil futures for October delivery rose $0.26 or about 0.3 percent to settle at $86.87 a barrel on the New York Mercantile Exchange. Brent crude for November delivery added $0.66 or about 0.7 percent to settle at $93.02 a barrel on London's Intercontinental Exchange.