Oil prices rose nearly 3 percent on Friday, after upbeat U.S. jobs data strengthened expectations for higher fuel demand and on signs that U.S. sanctions on Venezuelan exports have helped tighten supply.
Futures extended gains after data showed U.S. energy firms this week cut the number of operating oil rigs for a fourth time in the past five weeks, as some drillers follow through on plans to spend less on new wells this year.
U.S. West Texas Intermediate (WTI) futures ended Friday's session up $1.47, or 2.7 percent, at $55.26 a barrel. WTI posted a weekly gain of nearly 3 percent.
Brent crude oil futures rose $1.91 a barrel, or 3.1 percent, to $62.75 a barrel around 2:30 p.m. EST. The international benchmark was on track for a weekly gain of about 2 percent.
Drillers cut 15 oil rigs in the week to Feb. 1, bringing the total count down to 847, the lowest since May 2018, energy services firm Baker Hughes said in its closely followed report on Friday.