Crude oil futures ended higher on Friday despite concerns about the outlook for demand amid rising possibility of the Federal Reserve holding its interest rates higher for longer. Recent data showing an unexpected increase in crude inventories last week has raised concerns about the outlook for demand. Meanwhile, traders now await a meeting of the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, on June 2.
Benchmark crude oil futures for July delivery rose $0.93 or more than 1.21% to settle at $77.80 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $0.53 or 0.76% to $82.12 per barrel on London's Intercontinental Exchange.