Oil Futures End Sharply Higher On Falling U.S. Output Signs

By William L. Watts Markets MarketWatch Pulse

Oil futures jumped sharply Friday to end the week with strong gains on signs a decline in U.S. output is gathering steam. West Texas Intermediate crude futures for May delivery rose $2.46, or 6.6%, to end at $39.72 a barrel, booking a weekly rise of 8%. Crude maintained Friday gains after data showed the number of U.S. oil rigs continued to decline. Data earlier this week showed an unexpected drop in crude oil inventories and a further rise in U.S. refinery capacity utilization.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.