Extending their previous session’s gains, crude oil futures ended significantly higher on Friday as traders were bargain hunting after recent losses and covering short positions. Some support came in after latest threat from Russia to choke off oil and gas supplies if price caps are imposed. Also, a weak dollar contributed to the rise in oil prices. A report from Baker Hughes said the number of active U.S. rigs drilling for oil fell by five to 591 this week, after seeing a decline of nine rigs last week. The data showed the total active U.S. rig count, which includes those drilling for natural gas, dropped by one to 759.
Benchmark crude oil futures for October delivery rose $3.25 or about 3.9 percent to settle at $86.79 a barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $3.69 or about 4.1 percent to settle at $92.84 a barrel on London's Intercontinental Exchange.