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Crude oil futures end notably higher on Friday

01 Apr 2023 Evaluate

Crude oil futures ended notably higher on Friday and settled at their highest in about three weeks on decreasing supplies in certain parts of the world, and optimism about the outlook for energy demand. The outlook for oil demand improved after data showed an expansion in manufacturing activity in China in March. Chinese services activity expanded at the fastest pace in nearly 12 years, and construction activity remained strong, boosting the outlook for growth this year. Meanwhile, The Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+ is likely to stick to their output deal at the meeting scheduled to take place on April 3.

Benchmark crude oil futures for May delivery gained $1.30 or nearly 1.8 percent to settle at $75.67 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged 50 cents or 0.6 percent to settle at $79.77 a barrel on London's Intercontinental Exchange.

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