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West Texas Intermediate crude-oil futures climbed to score a 7.2% gain for the week finding support from the upbeat U.S. jobs report and a drop in the number of active drilling rigs.
On the New York Mercantile Exchange West Texas Intermediate for delivery in March settled at US$51.69 a barrel up 2.4% for the session.
Brent crude for March delivery on London’s ICE Futures exchange rose 2.2% to US$57.80 a barrel — 9.4% higher for the week.
Baker Hughes today reported that the U.S. drilling rig count totalled 1456 as of February 6 — that’s down 87 from last week.
The U.S. rig count has dropped by 24% since early December and they stand at their lowest level since March of 2010 according to Baker Hughes.
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