Oil prices rose more than 1 percent on Friday on bullish U.S. employment data that tempered fears about a decline in global crude demand and on expectations that an escalating conflict in Libya could tighten oil supplies.
U.S. West Texas Intermediate crude settled 98 cents higher at $63.11 a barrel on Friday, rising 1.6% to a new five-month closing high. WTI posted its fifth consecutive weekly gain, rising 4.9% over the last five days.
Brent crude futures rose 94 cents, or 1.4%, to $70.34 a barrel, marking the first time the international benchmark has settled above $70 in five months. Brent finished the week 2.9% higher.
Both contracts hit new five-month highs after Friday's settle.
"Oil prices are rallying in reaction to the U.S. employment report," said John Kilduff, a partner at Again Capital LLC in New York. "Signs of global economic slowdown had been a headwind for oil prices, but this morning's report seemed to dispel at least some of those concerns."