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Crude oil futures end higher on Friday
May-27-2023

Crude oil futures ended higher on Friday. Crude oil prices were supported by reports that U.S. lawmakers are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items. Support also came in as U.S. demand for gasoline is expected to remain strong. According to the data released by Baker Hughes, total active drilling rigs in the U.S. fell by another 9 to 711, the lowest count in a year. Drilling rigs targeting crude oil in the U.S. fell by 5 to 570, its lowest number since last May, and gas rigs dropped by 4 to 137, the lowest since March last year. Total rigs targeting crude oil in the Permian Basin gained 1 to 347.

Benchmark crude oil futures for July delivery rose $0.84 or about 1.2 percent to settle at $72.67 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $0.69 or 0.9 percent to settle at $76.95 a barrel on London's Intercontinental Exchange.


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