Crude oil futures ended significantly higher on Friday, the last trading session of 2022, as the dollar dropped to a more than 6-month low. Some optimism also came in amid hopes of increased demand for fuel from China after the country abruptly ended its Covid restrictions. China announced earlier this week that it would reopen its borders from Covid curbs and do away with quarantine restrictions for inbound travelers from January 8. Besides, recent reports about Russia's Deputy Prime Minister Alexander Novak saying that Russia may cut production by 500,000 - 700,000 barrels per day, added to the up move of oil prices. According to a report from Baker Hughes, the total rig count in the U.S. stayed at 779 this week. That is 193 rigs higher than the rig count this time in 2021, and 296 rigs lower than the count before the pandemic.
Benchmark crude oil futures for February delivery rose $1.86 or 2.4 percent at $80.26 a barrel on the New York Mercantile Exchange. Brent crude for March was almost flat at $83.46 a barrel on London's Intercontinental Exchange.