Crude oil prices moved higher on Friday, lifted by a report showing a drop in U.S. oil rig count and on U.S. sanctions against Iran that are set to come into force early November.
Crude oil futures for October delivery ended up $0.89, or 1.3%, at $68.72 a barrel. Oil futures gained 5.4% in the week.
On Thursday, crude oil futures ended at $67.83 a barrel, down 3 cents from previous close.
According to a report released by Baker Hughes today, the U.S. rig count fell by 9 to 860 this week, after remaining unchanged last week. The total active U.S. rig count, which includes oil and natural-gas rigs, fell by 13 to 1,044,
Baker Hughes said.
Data released by the Energy Information Administration on Wednesday showed U.S. crude inventories to have dropped by 5.836 million barrels in the week ended August 17, substantially higher than expected draw of 1.497 million barrels.