Crude oil futures ended sharply higher on Friday amid easing concerns about the outlook for energy demand on reports China is likely to ease Covid-19 curbs imposed in several parts of the country. Further, a weak dollar, and fears of a likely ban by the European Union on Russian oil contributed as well to the surge in crude oil prices. Meanwhile, Richmond Federal Reserve President Thomas Barkin said he is ready to act more deliberatively on consideration of the pace of future US interest rate hikes, but said rates could continue rising for longer and to a higher end point than previously expected.
Benchmark crude oil futures for December delivery rose $4.44 or about 5 percent at $92.61 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $4.03 or about 4.26 percent to settle at $98.70 (Provisional) a barrel on London's Intercontinental Exchange.