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Rich Asplund

EXPLAINED: Crude prices settle higher on tight global supplies - The Real Truth

Oil United States Baker Hughes Russia

September WTI crude oil (CLU23) on Friday closed up +1.27 (+1.56%), and Sep RBOB gasoline (RBU23) closed up +1.84 (+0.67%).

Crude oil and gasoline prices Friday closed moderately higher, with crude posting a 3-1/2 month high. A weaker dollar Friday was bullish for energy prices. Also, the outlook for tighter global crude supplies underpins oil prices after Saudi Arabia and Russia on Thursday said they will extend their crude production cuts through next month. Crude prices raced to their highs Friday afternoon after the weekly report from Baker Hughes showed active U.S oil rigs fell to a 17-month low.

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