WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Friday, shrugging off early weakness, amid rising hopes about increased demand for fuel during the summer season, and the prospect of an EU ban on Russian oil.
West Texas Intermediate Crude oil futures for July ended higher by $0.98 or about 0.9% at $115.07 a barrel, recovering from a low of $112.85.
Brent crude futures were up $1.14 or about 1% at $115.31 a barrel a little while ago.
European Council President Charles Michel said earlier this week that he is confident that an EU-wide agreement on the next major package of sanctions against Russia can be reached before the council's next meeting on May 30.
According to the data released by Baker Hughes, the number of total active drilling rigs in the United States fell by 1 this week, after the 14 rig increase in the week prior.
The total rig count slipped to 727 this week, 270 rigs higher than the rig count this time in 2021. Oil rigs in the U.S. fell this week by 2 rigs to 574, while gas rigs rose by 1 to 151.
The report also said U.S. drillers have added 77 rigs since Russia invaded Ukraine.
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