Oil settles higher, gains over 4% for second week

Oil drilling rig

Oil prices settled higher on Friday, as the US economic data lulled monetary tightening concerns. 

The US added 209,000 jobs in June, the Bureau of Labor Statistics reported, falling short of estimates for 230,000 jobs. 

Brent crude for September delivery jumped 2.55%, or $1.95, to $78.47 a barrel. The front-month contracts posted weekly gains of nearly 4%.  

Meanwhile, WTI contracts for August delivery advanced 2.85%, or $2.06, to $73.86 a barrel, recording a weekly rise of 4.55%.  

Elsewhere, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday said the US drilling rig count decreased by five units to 540 in the week ended July 7.  

Its monthly report showed that the international rig count rose by 17 units month-on-month (MoM) in June to 1,800.