WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Friday and lifted the most active crude futures contracts to their highest close in over seven years.
Oil prices surged higher on rising concerns over supply disruptions following a massive winter storm that blew across central and northeast United States disrupting oil production in the Permian Basin.
Mounting tensions between Russia and Ukraine contributed as well to the uptick in oil prices. According to reports, French President Emmanuel Macron will go to Moscow for talks with Russian President Vladimir Putin and find a diplomatic way out of the growing tensions. He will then visit Ukraine's leader a day later in fresh push to avert conflict.
West Texas Intermediate Crude oil futures for March ended higher by $2.04 or about 2.3% at $92.31 a barrel, the highest settlement since September 29, 2014.
WTI crude oil futures gained more than 6% in the week.
Brent crude futures were up $2.17 or 2.4% at $93.28 a barrel a little while ago.
A report from Baker Hughes showed U.S. energy firms added oil and natural gas rigs for a fifth week in a row for the first time since November. The oil and gas rig count rose three to 613 in the week to February 4, the highest level since April 2020.
Baker Hughes said the total rig count is up by 221 or 56% over this time last year. U.S. oil rigs rose two to 497 this week, their highest since April 2020, while gas rigs gained one to 116, their highest since January 2020.
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