Crude oil futures ended sharply higher on Friday with gains of around 4%, rebounding from a four-month low hit in the previous session, as investors who had taken short positions took profits. Also, U.S. sanctions on some Russian oil shippers lent support. Meanwhile, a report released by Baker Hughes this afternoon showed the rig count in the U.S. rose by 6 to 500 this week. The focus now is on the OPEC meeting, scheduled to take place on November 26. Traders are waiting to see if Saudi Arabia and Russia will consider rolling over their voluntary supply cuts into 2024.
Benchmark crude oil futures for December delivery fell $2.99 or about 4.1 percent to settle at $75.89 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $3.05 or nearly 4 percent to settle at $80.47 a barrel on London's Intercontinental Exchange.