COMMODITY
Crude oil futures end higher on Friday
Jan-15-2022

Crude oil futures ended higher on Friday, after previous session’s pull back, as traders remained optimistic about the outlook for energy demand despite worldwide surge in coronavirus cases as a result of the Omicron variant. Indications of tight near-term supply amid supply disruptions in some regions also contributed to the notable increase in oil prices. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, stuck to a plan to incrementally boost production, resisting pressure from the Biden administration and others to speed up increases. At the same time, some OPEC members have failed to meet boosted quotas.

Benchmark crude oil futures for February delivery rose $1.70 or 2.1 percent to settle at $83.82 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $1.59 or 1.9 percent to settle at $86.06 a barrel on London's Intercontinental Exchange.

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