Oil Futures End Sharply Higher; U.S. Rig Count Continues To Fall

Oil futures ended sharply higher Friday, with the U.S. benchmark posting a weekly gain of around 9.6% as traders turned their focus from a global glut to signs of slowing U.S. production amid continued hopes major producers will discuss a potential output freeze. West Texas Intermediate crude futures on the New York Mercantile Exchange rose $1.35, or 3.9%, to settle at $35.92 a barrel, maintaining gains after data showed the number of active U.S. oil rigs fell for an eleventh straight week.

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