The crude oil futures ended significantly higher on Friday as traders weighed crude supply and near-term energy demand prospects. Data from the Energy Information Administration showed crude production in the U.S. fell in February to 12.5 million barrels per day, the lowest level since December 2022. The EIA report also said fuel demand surged to nearly 20 million barrels per day, the highest level since November 2022. According to BakerHughes, the number of rigs drilling for oil in the U.S. was unchanged this week at 591.
Benchmark crude oil futures for June delivery surged $2.02 or 2.7 percent to settle at $76.78 a barrel on the New York Mercantile Exchange. Brent crude for June delivery rose $2.06 or 2.63 percent to settle at $80.28 a barrel on London's Intercontinental Exchange.