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Crude oil futures end higher on Friday

07 Oct 2023 Evaluate

Crude oil futures ended higher on Friday, after two constitutive session of losses, after data showed stronger than expected growth in U.S. non-farm payroll employment in the month of September. The data said non-farm payroll employment shot up by 336,000 jobs in September compared to street estimates for an increase of about 170,000 jobs. Meanwhile, Russia's government said it had withdrawn a ban on diesel exports delivered to sea ports via pipelines, removing a large chunk of restrictions it put in place last month. Besides, a report released by Baker Hughes showed that the total active drilling rigs in the US dropped by 4 this week.

Benchmark crude oil futures for November delivery rose $0.48 or about 0.6 percent to settle at $82.79 a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained $0.54 or about 0.6 percent to settle at $84.58 a barrel on London's Intercontinental Exchange.