Oil Prices Mark First Weekly Gain In Three Weeks

Oil prices settled a few cents higher on Friday and scored a weekly gain of about 0.6% following losses in each of the last two weeks. Data Friday from Baker Hughes revealed a ninth straight weekly climb in the number of active U.S. oil rigs, implying the potential for further gains in crude production. Prices, however, managed to find some support on the back of weakness in the U.S. dollar and continued output reductions among other producers under the OPEC-led agreement. April West Texas Intermediate crude rose 3 cents, or less than 0.1%, to settle at $48.78 a barrel.