Crude oil futures settled higher on Friday on optimism over Chinese crude demand as the country lifts its COVID-19 restrictions. According to the data released by the Joint Organizations Data Initiative, Chinese oil demand climbed by nearly 1 million barrels per day from the previous month to 15.41 million barrels per day in November 2022, the highest level since February, 2022. The dollar's drop from the day's highs also supported to the rise in oil prices.
Benchmark crude oil futures for February delivery rose 98 cents or 1.2 percent at $81.31 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $1.47 or 1.7 percent at $87.63 a barrel on London's Intercontinental Exchange.