Magnifying gains from the previous session, crude oil futures ended higher on Friday after data indicated a drop in output. Data from Baker Hughes showed the oil and natural gas rigs count in the U.S. dropped for a sixth week in a row, indicating a slump in future output. The data showed the total number of active drilling rigs in the U.S. fell by 12 this week to 652. So far this year, Baker Hughes has estimated a loss of 136 active drilling rigs. The number of oil rigs fell by 5 this week to 520, down by 101 so far in 2023. The number of gas rigs fell by 6 to 117. A weak dollar contributed as well to the uptick in oil prices.
Benchmark crude oil futures for September delivery rose $0.86 or about 1.1 percent to settle at $81.25 a barrel on the New York Mercantile Exchange. Brent crude for October delivery gained $0.63 or 0.75 percent to settle at $84.75 a barrel on London's Intercontinental Exchange.