Oil Futures Settle 2% Higher, Scores Slight Gain For The Week

Oil futures settled higher on Friday, supported by declines in crude output among major producers. Data released Friday from Baker Hughes, however, showed a sharp weekly rise of 29 rigs actively drilling for oil, prompting prices to pare some of their earlier gains. February West Texas Intermediate crude rose $1.05, or 2%, to settle at $52.42 a barrel. The contract, which expired at the settlement, gained 0.1% for the week. March WTI crude , the new front-month contract, added $1.10, or 2.1%, to $53.22.