Crude oil futures ended higher on Friday amid tightening supply due to production cuts from OPEC and its major allies. Russia and Saudi Arabia announced earlier this month that they would extend their additional cuts into September. It is widely expected that Saudi Arabia will likely continue with its production cut through October. Higher diesel prices in the U.S., and reports about a fire at a refinery in Louisiana contributed as well to the uptick in oil prices.
Benchmark crude oil futures for October delivery gained $0.78 or about 1 percent to settle at $79.83 a barrel on the New York Mercantile Exchange. Brent crude for October delivery rose $1.12 or 1.3 percent to settle at $84.48 a barrel on London's Intercontinental Exchange.