Crude oil futures settle higher amid fears of supply disruptions
Recent data from EIA showing a decline in U.S. crude inventories also allayed global oversupply concerns
Extending previous session’s gains, Crude oil futures ended higher on Friday amid fears of supply disruptions, given prospects of Russia-related sanctions, Trump's seizure of Russian oil tanker, unrest in Iran, Iraqi nationalization moves, and a drone attack on a Russia-bound oil tanker near Turkey's coast in the Black Sea. Recent data from EIA showing a decline in U.S. crude inventories also allayed global oversupply concerns. Investors also await the outcome of U.S. President Donald Trump's meeting with the heads of major U.S. oil companies to convince them to support his plans in Venezuela.
Benchmark crude oil futures for February delivery rose $1.02 or 1.77% to settle at $58.78 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $1.35 or 2.17% to settle at $63.34 a barrel on London's Intercontinental Exchange.
