Crude oil futures rose Friday, even as the U.S. oil rig count jumped for a fourth straight week.
Baker Hughes said U.S. drillers added 16 rigs to bring the count to 798. The U.S. shale book has offset OPEC’s supply quota plan that was intended to end the global oil surplus.
Crude oil prices have snapped back this week along with U.S. stocks. The DJIA is on track for its sixth straight day of gains, clawing back from the recent correction.
West Texas Intermediate crude for March delivery rose 34 cents, or 0.6%, to end at $61.68 a barrel. For the week, prices rose 4.2% and moved back toward January’s 4-year highs.
Traders considered a report from the University of Michigan showing significant improvement in U.S. consumer sentiment inFebruary.
The preliminary reading on the consumer sentiment index for February came in at 99.9, up from the final January reading of 95.7. Economists had expected the index to edge down to 95.5.
“Consumer sentiment rose in early February to its second highest level since 2004 despite lower and much more volatile stock prices,” said Richard Curtin, the survey’s chief economist.