Oil futures settled higher Friday to tally a monthly gain of more than three per cent on growing expectations that crude production will soon decline.
Oil-services firm Baker Hughes reported a weekly drop in the number of active rigs drilling for oil, but economic data raised worries about the United States energy demand, limiting oil’s climb for the session.
December West Texas Intermediate crude CLZ5, +0.72 per cent settled at US$46.59 a barrel on the New York Mercantile Exchange, up 53 cents, or 1.2 per cent, for the day.
Based on the most-active contracts, prices were up about 4.5 per cent for the week.
They added about 3.3 per cent from the US$45.09 settlement of the November contract a month ago. _ Market Watch
Oil-services firm Baker Hughes reported a weekly drop in the number of active rigs drilling for oil, but economic data raised worries about the United States energy demand, limiting oil’s climb for the session.
December West Texas Intermediate crude CLZ5, +0.72 per cent settled at US$46.59 a barrel on the New York Mercantile Exchange, up 53 cents, or 1.2 per cent, for the day.
Based on the most-active contracts, prices were up about 4.5 per cent for the week.
They added about 3.3 per cent from the US$45.09 settlement of the November contract a month ago. _ Market Watch