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Crude oil futures end higher with marginal gains

The US oil rig count increased by 2 to 344 this week

Crude oil futures ended higher on Friday with marginal gains on account of lingering worries about the outlook for energy demand amid a continued surge in coronavirus cases in Asia and the possibility of another shutdown in some countries. Optimism about increased demand for oil in the US and Europe supported oil prices. Still, data showing a smaller than expected increase in US non-farm payroll employment in the month of April hurt a bit. According to the report released by Baker Hughes, the US oil rig count increased by 2 to 344 this week. The gas rig count stood at 103 versus 96 last week, and the total rig count rose by 8 to 448 in the week.

Crude oil futures for June rose $0.19 or 0.3 percent to settle at $64.90 barrel on the New York Mercantile Exchange. July Brent crude up $0.08 or 0.12 percent to settle at $68.17 a barrel on London's Intercontinental Exchange.