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Oil Futures Settle Notably Higher

Crude oil futures settled notably higher on Friday after surging past $80 a barrel for the first time in seven years amid tighter supplies and signs of increasing demand for energy.

Oil also found support from a recent statement from the U.S. Department of Energy that the Biden administration is not considering tapping into its emergency reserves to tackle the energy crisis in the market.

Earlier in the week, OPEC+ said it will stick to its plan of boosting supply gradually next month despite surging demand and tight supply conditions.

West Texas Intermediate Crude oil futures for November ended higher by $1.05 or about 1.3% at $79.35 a barrel after climbing to a high of $80.11 a barrel.

Brent crude futures were up $0.50 or about 0.6% at $82.45 a barrel a little while ago.

WTI crude futures gained 4.6% in the week, gaining for a seventh straight week.

A report from Baker Hughes said U.S. rigs drilling for oil climbed by five to 433 this week, rising for the fifth consecutive week. The total active U.S. rig count, including those drilling for natural gas, also increased by five to 533, the report said.

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