West Texas Intermediate oil futures rose sharply on Friday, amid indications U.S. oil drillers are cutting back on production following a collapse in prices over the summer.
On the New York Mercantile Exchange, crude oil for delivery in November jumped 79 cents, or 1.76%, to end Friday's session at $45.70 a barrel.
Industry research group Baker Hughes (NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. decreased by four last week to 640, the fourth straight weekly decline.
A lower U.S. rig count is usually a bullish sign for oil as it signals potentially lower production in the future.
For the week, New York-traded oil futures rose 73 cents, or 2.28%, as choppy volatile trade dominated price action, as mixed outlooks for supply and demand and for the global economy remained on investors' minds.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery tacked on 43 cents, or 0.89%, to close the week at $48.60 a barrel.
London-traded Brent futures advanced 96 cents, or 2.38%, on the week, snapping a three-week losing streak.
Crude oil prices have been under heavy selling pressure in recent months, as ongoing worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated.
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