Crude oil futures ended higher on Friday on continued optimism about higher fuel demand from China, and on Russia's move to reduce oil output next month. Russia has announced that it would cut oil output by 500,000 barrels per day in March. Ahead of announcement of the decision, Russia's Deputy Prime Minister Alexander Novak warned that there was risk of lower oil production this year. Novak said the risk was due to the EU import bans and the price caps on Russian crude and petroleum products.
Benchmark crude oil futures for March delivery rose $1.66 or 2.1 percent at $79.72 a barrel on the New York Mercantile Exchange. Brent crude for April delivery surged $1.89 or 2.2 percent at $86.39 a barrel on London's Intercontinental Exchange.
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