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WTI crude oil prices settled nearly 1% higher Friday as signs of a slowdown in U.S. output, and continued supply outages, prompted traders to increase their bullish bets on oil.
On the New York Mercantile Exchange crude futures for August delivery gained 66 cents, or nearly 1% to settle at $74.11 a barrel, while on London’s Intercontinental Exchange, Brent climbed 2.1% to trade at $79.70 a barrel. WTI crude oil prices settled above $74 a barrel for the first time since November 2014.
Oilfield services firm Baker Hughes reported on Friday that the number of U.S. oil drilling rigs in operation fell by 4 to 858 in the week to June 22. That was the second-straight weekly drop in rig counts, raising investor hopes that the rampant pace of domestic output could be slowing at a time of rising global demand.
Crude oil prices were also supported by ongoing expectations that global supplies will come under pressure as more countries could back US sanctions against Iran, stifling the country’s crude exports, adding a supply-risk premium to oil prices.
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