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Crude oil futures end higher on Friday
Jun-19-2021

Crude oil futures ended higher on Friday amid optimism about energy demand in the US thanks to reopening of businesses after Covid-19 lockdowns. However, oil's upside was limited due to concerns about outlook for energy demand in Europe following reports showing coronavirus cases rose to four-month highs. According to a report from Baker Hughes, US energy firms added oil and natural gas rigs for a second week in a row, with surging oil prices prompting some drillers to return to the wellpad. The report showed oil and gas rig count rose by nine to 470 this week, the highest since April 2020. The total rig count rose by 204, up 77% over this time last year.

Crude oil futures for July gained $0.60 or 0.8 percent to settle at $71.64 barrel on the New York Mercantile Exchange. August Brent crude rose 43 cents or 0.6 percent to settle at $73.51 a barrel on London's Intercontinental Exchange.

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