2022.12.3019:36:00UTC+00Oil Futures End Year's Last Trading Day On A High Note

Crude oil prices rose sharply on Friday, the final session of Year 2022, as the dollar dropped to a more than 6-month low.

Optimism about increased demand for fuel from China after the country abruptly ended its Covid restrictions helped as well.

China announced earlier this week that it would reopen its borders from Covid curbs and do away with quarantine restrictions for inbound travelers from January 8.

Oil prices were also supported by recent reports in the media about Russia's Deputy Prime Minister Alexander Novak saying that Russia may cut production by 500,000 - 700,000 barrels per day.

West Texas Intermediate Crude oil futures for February ended higher by $1.86 or about 2.1% at $80.26 a barrel.

Brent Crude futures were up $2.54 or 3.04% at $86.00 a barrel a little while ago.

According to a report from Baker Hughes, the total rig count in the U.S. stayed at 779 this week. That is 193 rigs higher than the rig count this time in 2021, and 296 rigs lower than the count before the pandemic.

Oil rigs in the U.S. fell by 1 this week, while gas rigs rose by 1, the report said.

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