Crude oil futures settle significantly higher on Friday

Crude oil futures settled significantly higher on Friday amid concerns about supply outages in Libya and likely shutdowns in Norway. There are fears that a strike by oil and gas workers in Norway on July 5 could result in a drop in the country's petroleum output by around 8%, or 320,000 barrels of oil equivalent per day. Traders also reacted to the declaration of force majeure by Libya's National Oil Corporation (NOC) at the Es Sider and Ras Lanuf ports, and the El Fell oilfield. A report from Baker Hughes said the oil rig count in the U.S. rose by one to 595 this week, the highest level since March 2020.

Benchmark crude oil futures for August delivery rose $2.67 or 2.5 percent to settle at $108.43 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $2.60 or 2.4 percent to settle at $111.63 a barrel on London's Intercontinental Exchange.