Crude oil futures ended sharply higher on Friday after Saudi Arabia and Russia urged all the members of the OPEC+ group to join an output cut agreement. Further, stronger than expected U.S. non-farm payroll employment data, the drop in unemployment rate, and a report showing a notable improvement in U.S. consumer sentiment contributed as well to the uptick in oil prices.
Benchmark crude oil futures for January delivery rose $1.89 or about 2.7 percent to settle at $71.23 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $1.79 or about 2.42 percent to settle at $75.84 a barrel on London's Intercontinental Exchange.