Petroleum rates rallied Friday amid data revealing the United States rig count dropped for the very first time in seven weeks.
April WTI crude included $1.92, or 3.2%, to settle at $62.04 a barrel on the New york city Mercantile Exchange. Rates were up 1.3% for the week.
Baker Hughes stated the number of active U.S. rigs drilling for oil fell by four to 796 this week.
On the other hand, positive U.S. jobs information raised the prospects for need from the world’s biggest consumer of energy items.
The United States produced 313,000 new jobs in February, the most significant gain because mid-2016. The 12-month increase in worker pay declined to 2.6% from 2.8%, a sign that salaries may not be increasing as rapidly as pictured.
The material has been provided by InstaForex Company – www.instaforex.com