Oil futures settled higher Friday to tally a monthly gain of more than 3% on growing expectations that crude production will soon decline.Oil-services firm Baker Hughes reported a weekly drop in the number of active rigs drilling for oil, but economic data raised worries about U.S. energy demand, limiting oil’s climb for the session.
December West Texas Intermediate crude CLZ5, +0.72% settled at $46.59 a barrel on the New York Mercantile Exchange, up 53 cents, or 1.2%, for the day. Based on the most-active contracts, prices were up about 4.5% for the week. They added about 3.3% from the $45.09 settlement of the November contract a month ago.
December Brent crude LCOZ5, +1.43% on London’s ICE Futures exchange added 76 cents, or 1.6%, to finish at $49.56 a barrel. Prices rose about 2.5% from the front-month contract settlement of $48.37 at the end of September.
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