FX.co ★ Oil Futures Settle Sharply Higher

Crude oil prices climbed higher on Friday as amid easing concerns about the outlook for energy demand on reports China is likely to ease Covid-19 curbs imposed in several parts of the country.

A weak dollar, and fears of a likely ban by the European Union on Russian oil contributed as well to the surge in crude oil prices.

Although non-farm payroll employment saw a bigger than expected addition of jobs in the month of October, the unemployment rate ticked up to 3.7% in the month, raising hopes the Fed will likely slow the pace of interest rate hikes.

West Texas Intermediate Crude oil futures for December ended higher by $4.44 or about 5% at $92.61 a barrel. WTI crude futures gained more than 5% in the week.

Brent crude futures were up 4.03 or 4.26% at $98.70 a barrel a little while ago.

According to a report released by Baker Hughes, the total active rig count in the U.S., including those drilling for natural gas, increased by two to 770 this week.