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Crude oil futures settle modestly higher on Friday
Jul-31-2021

Crude oil futures settled modestly higher on Friday, as tight US crude supplies helped lift prices up for a fourth month in a row. Also, there are hopes that energy demand will grow faster than supply despite resurgence in coronavirus infections across the globe. A report from Baker Hughes today said the number of active US rigs drilling for oil dropped by two to 385 this week, falling for the first time after four weeks. The total active US rig count, which includes those drilling for natural gas, declined by 3 to 488. Although, coronavirus cases are rising in U.S., Asia and parts of Europe.

Crude oil futures for September rose 33 cents or nearly 0.5 percent to settle $73.95 barrel on the New York Mercantile Exchange. September Brent crude gained 28 cents or 0.4 percent to settle at $76.33 a barrel on London's Intercontinental Exchange.

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