Magnifying their previous session’s gains, crude oil futures settled notably higher on Friday with gains of over a percent amid hopes about higher refinery demand. Also, there was some optimism over the rate cut by the People's Bank of China and possible further stimulus will help boost growth in the world's second largest economy. Oil prices got some comfort by Russia's Energy Minister Nikolai Shulginov's comments that it was ‘realistic’ to expect crude prices to return to around $80 per barrel. Shulginov cited falling Russian oil and gas condensate production to around 20 million tonnes this year as one of the reasons for his views.
Benchmark crude oil futures for July delivery surged $1.16 or about 1.6 percent to settle at $71.78 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $1.03 or 1.36 percent to settle at $76.70 a barrel on London's Intercontinental Exchange.