West Texas Intermediate ends week higher as rig numbers dry up

West Texas Intermediate oil futures climbed on Friday as another weekly drop in U.S. rig counts from Baker Hughes continued to feed expectations that supply declines will soon follow.

West Texas Intermediate for March delivery climbed 3.1% to finish at US$52.78 a barrel on the New York Mercantile Exchange.

The number of rigs drilling for oil in the United States fell by 84 last week to 1056 a clear sign of the pressure that tumbling crude prices have put on oil producers.

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