Crude oil futures ended higher on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Further, oil prices were also supported by recent announcements from Saudi Arabia and Russia that they will cut crude output further. The move by the two major oil producers will result in output from OPEC+ dropping to around 5 million barrels per day, or about 5% of global oil demand. Besides, a weak dollar contributed as well to the uptick in oil prices.
Benchmark crude oil futures for August delivery rose $2.06 or about 2.9 percent to settle at $73.86 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $1.95 or 2.55 percent to settle at $78.47 a barrel on London's Intercontinental Exchange.