Crude oil futures ended higher on Friday as investors focused on tightening supplies as a result of previously announced cuts by Saudi Arabia and Russia. Oil prices got support after a report from the International Energy Agency (IEA) forecast strong demand for oil and tightening supplies in the market. In a report, the IEA said global oil demand hit a record 103 million barrels per day in June and added that demand could scale another peak this month. The IEA also said output cuts from Russia and Saudi Arabia could result in a sharp decline in inventories over the rest of this year and lift oil prices even higher.
Benchmark crude oil futures for September delivery rose $0.37 or about 0.50 percent to settle at $83.19 a barrel on the New York Mercantile Exchange. Brent crude for October delivery gained $0.41 or 0.5 percent to settle at $86.81 a barrel on London's Intercontinental Exchange.