24.09.202119:11:00UTC+00Oil Futures Settle Notably Higher For The Session, Gain 2.8% In Week

Crude oil prices climbed higher on Friday and front-month WTI oil futures contracts recorded gains for a fifth straight week, amid tighter supplies.

Recent data showing a drop in U.S. crude inventories, and output disruptions in the Gulf of Mexico due to the impact of two hurricanes supported oil prices.

The public auction of state crude reserves by China limited oil's uptick. According to reports, PetroChina and Hengli Petrochemical bought four cargoes totaling about 4.43 million barrels in the auction.

West Texas Intermediate Crude oil futures for November ended higher by $0.68 or about 0.9% at 73.98 a barrel.

WTI Crude futures gained about 2.8% this week.

Brent crude futures posted a third straight weekly gain. The contract was up $0.72 or 0.93% at $77.97 a barrel a little while ago.

A few members of the Organization of the Petroleum Exporting Countries and their allies, collective known as OPEC+, are reportedly finding it tough to increase output due to the pandemic and a lack of funds.

According to the data released by Baker Hughes, the number of active U.S. rigs drilling for oil climbed by 10 to 421 this week. The total active U.S. rig count, including those drilling for natural gas, climbed by 9 to 521, the data said.