Magnifying previous sessions gains, crude oil futures ended significantly higher on Friday amid ongoing concerns about tight supplies, with OPEC+ expected to extend their output cuts. Russia indicated it may continue its voluntary cut on crude exports until next month, while traders expect a similar announcement from Saudi Arabia. Some support also came in as a Labor Department report showing stronger than expected job growth in August but an unexpected increase in the unemployment rate. The increase in the unemployment rate has added to optimism the Federal Reserve will leave interest rates unchanged later this month.
Benchmark crude oil futures for October delivery rose $1.92 or 2.3 percent to settle at $85.55 a barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $2.16 or 2.49 percent to settle at $88.99 a barrel on London's Intercontinental Exchange.