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16-Feb2019

Crude oil futures end sharply higher on declines in output from OPEC

Crude oil futures ended sharply higher on Friday to settle near three-month high boosted by data showing declines in crude output from the Organization of the Petroleum Exporting Countries (OPEC). Besides, reports that Saudi Arabia's decision to increase the level of output reduction will significantly tighten crude supply in the market too added the gains in oil prices. Some support also came in with the partial closure of Safaniya offshore oil fields in Saudi Arabia. Meanwhile, Baker Hughes reported that US oil firms increased the number of oil rigs by three this week, bringing the total rig count to 857.

Benchmark crude oil futures for March climbed $1.18 or 2.2 percent to settle $55.59 a barrel on the New York Mercantile Exchange. April Brent crude rose $1.68 or 2.6 percent to settle at $66.25 a barrel on London's Intercontinental Exchange.


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