Crude oil futures wipe out early losses and settled higher on Friday with gains of over a percent. Initially, oil prices witnessed losses after a Wall Street report said United Arab Emirates is having an internal debate about leaving the Organization of Petroleum Exporting Countries (OPEC). Later in the day, oil prices rebounded sharply after the United Arab Emirates denied the report that officials were internally debating whether to leave the OPEC. Oil also supported from optimism about the outlook for global demand following upbeat data from China and Europe.
Benchmark crude oil futures for April delivery surged $1.52 or 1.9 percent to $79.68 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $1.08 or 1.3 percent to $85.83 a barrel on London's Intercontinental Exchange.