(MENAFN- ProactiveInvestors)
U.S. crude oil futures plunged Friday for the first time in six sessions but still gained about 5% for the week with strength fuelled in part by an escalating conflict in Yemen.
Meanwhile data revealed that the number of active oil and natural-gas drilling rigs fell for a 16th week in a row and that the declines in the rig counts have slowed.
West Texas Intermediate crude for delivery in May settled down 5% to US$48.87 a barrel.
May Brent crude on London’s ICE Futures exchange fell 4.7% to US$56.41 a barrel leaving it with a weekly gain of around 2%.
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