Crude oil prices remained in rally mode Friday, extending strong weekly gains on signs that U.S. production is dwindling.
Data from Baker Hughes showed the nation’s rig count dropped for an 11th week in a row, with US producers having trouble making money from sub-$40 oil.
West Texas Intermediate crude futures on the New York Mercantile Exchange rose $1.35, or 3.9%, to settle at $35.92 a barrel, the highest since early January.
Prices jumped almost 10 percent this week, moving further from a recent 13-year low near $26.
An upbeat jobs report raised demand hopes.
The U.S. generated 242,000 new jobs in February, beating expectations for job growth of 190,000. The unemployment rate held at 4.9 percent.
The material has been provided by InstaForex Company – www.instaforex.com