Oil futures settle higher, tally first weekly gain in a month
Oil futures settled higher on Friday, logging their first weekly gain in a month. Prices have found support from signs of output reductions among major oil producers. Stronger-than-expected U.S. jobs data also contributed to a more upbeat outlook for the economy and the potential for progress toward a trade deal between the U.S. and China eased worries about energy demand. February West Texas Intermediate oil added 87 cents, or 1.9%, to settle at $47.96 a barrel on the New York Mercantile Exchange. It rose about 5.8% for the week, following three consecutive weeks of losses, according to FactSet data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.