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Crude oil futures end significantly higher on Friday

Crude oil futures ended significantly higher on Friday as US sanctions on Venezuela's oil exports and reports of notable drop in The Organization of the Petroleum Exporting Countries' (OPEC) oil output eased concerns about any excess supply in the market. As per the report, OPEC's crude oil production dropped by as much as 890,000 barrels per day in January, from the previous month. That was the largest month-on-month decline since January 2017. Besides, a report from energy services firm Baker Hughes said drillers cut 15 oil rigs in the week to February 1, bringing the total count down to 847, the lowest since May 2018.

Benchmark crude oil futures for March gained $1.47 or 2.7 percent to settle $55.26 a barrel on the New York Mercantile Exchange, while April Brent crude surged $1.91 or 3.1 percent to settle at $62.75 a barrel on London's Intercontinental Exchange.

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