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Oil Futures Settle Sharply Higher

Crude oil prices moved higher on Friday, due largely to short covering after the setback in the previous session.

Expectations of increased demand for gasoline in the U.S. in the coming weeks, and a weak dollar contributed as well to oil's uptick. Worries about rising coronavirus infections in India limited oil's rise.

The dollar index slipped to 90.28, losing more than 0.5%.

Traders also followed reports about resumption of work at Colonial Pipeline, which reopened earlier this week after a cyberattack had prompted a shutdown. Colonial Pipeline said late on Thursday that it has begun deliveries in all of its markets.

West Texas Intermediate Crude oil futures ended up by $1.55 or about 2.4% at $65.37 a barrel. WTI crue futures gained about 0.7% in the week.

Brent crude futures were up $1.65 or nearly 2.5% at $68.70 a barrel a little while ago.

According to a report released by Baker Hughes, the number of oil and gas rigs in the United States increased by 5 this week, to 453.

The total number of active oil and gas drilling rigs in the U.S. is now 114 more than this time last year. The report said the oil rig count increased by 8 this week to 352, while the number of gas rigs decreased by 3 to 100.

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