Crude oil futures end higher on Friday

Magnifying their previous session’s rally, Crude oil futures ended higher on Friday after oil-field services firm Baker Hughes said the number of US oil rigs fell by six this week to 764. Meanwhile, a private report said that saudi Arabia is planning to keep oil exports below 7 million barrels a day next month in an effort to stabilize the market. 

 

Though, International Energy Agency (EIA) has lowered its forecast for 2019 demand growth by 100,000 barrels a day to 1.1 million barrels a day, and its 2020 forecast was lowered by 50,000 barrels a day to 1.3 million barrels a day. The IEA said new data show cuts to oil demand figures from India, Saudi Arabia, Korea and several European countries, and preliminary US data show lower demand for motor fuels at the start of peak driving season.

Benchmark crude oil futures for September rose $1.96 or 3.7 percent to settle at $54.50 a barrel on the New York Mercantile Exchange. October Brent surged $1.15 or 2 percent to settle at $58.53 a barrel on London's Intercontinental Exchange.

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