Crude oil prices posted gains of around 10% this week amid signs of falling US production and continued speculation of a deal to freeze output among main producers.
West Texas Intermediate crude futures gained 3.9% on Friday and ended at $35.92 a barrel, its highest level in almost 2 months. Over the week, WTI rose 9.6%, while Brent gained 9.3%.
US oil rigs declined for an 11th week in a row to 392 from 400 the previous week.
Today’s advance was also supported by a weaker dollar. The US Labor Department reported that the economy added 242,000 jobs in February, above 190,000 expected, while the unemployment rate held at 4.9%. However, the average hourly earnings posted their first decline since December 2014, declining by -0.1%, and the average weekly hours worked also dropped substantially by 0.2 to 34.4.
(Market News Provided by FXstreet)