Oil Futures Score Weekly Gain Of 7.2%

Oil futures closed higher on Friday to score a weekly gain of 7.2% for the week. Analysts attributed oil's price strength to upbeat U.S. jobs data, which raised hopes for energy demand, as well as a drop in U.S. rig counts, which has the potential to slow production growth. March crude rose $1.21, or 2.4%, to settle at $51.69 a barrel on the New York Mercantile Exchange.