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Crude oil futures settled higher on Friday as hopes that OPEC and allies will decide to keep supply levels tight outweighed recent data showing a surge in U.S. crude inventories and likelihood of Iranian oil entering the market.

West Texas International Crude oil futures for December ended up by $0.76 or about 0.9% at $83.57 a barrel, recovering strongly after hitting a low of $81.41.

WTI Crude futures gained more than 11% in October.

The Organization of the Petroleum Exporting Countries and its allies including Russia, a group called OPEC+, will meet on November 4 to decide on crude output.

The group is widely expected to stick to its plan to add 400,000 barrels per day of supply each month until April 2022.

A report from Baker Hughes said the number of rigs drilling for oil in the U.S. rose by one in the latest week to 444. The oil-rig count is up by 221 from a year earlier.

Gas rig count increased by one to 100 this week, and compared to the count in the same week last year, it is up by 29.


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