29.05.202019:35:00UTC+00Oil Futures Settle Sharply Higher

Crude oil prices moved higher on Friday, on hopes of a pickup in energy demand and expectations that major oil producers will extend output cuts beyond June 2020.

Higher demand for gasoline following reopening of businesses in almost all states across the U.S., and easing lockdown restrictions in several countries across the world, pushed up oil prices.

The output cuts by OPEC and allied producers too contributed to oil's uptick.

West Texas Intermediate crude oil futures for July ended up $1.78, or about 5.3%, at $35.49 a barrel.

WTI Futures have now posted gains for five straight weeks. Oil prices surged as much as 88% in the month of May, the best monthly returns since the near 45% surge way back in September 1990.

Brent crude futures edged up $0.04 to $35.33 a barrel today.

According to the data released by Baker Hughes, the number of active U.S. rigs drilling for oil declined by 15 to 222 this week, falling for an eleventh straight week.

The total active U.S. rig count is now at 301, down 17 from previous week.