West Texas Intermediate futures soared on Friday, with weekly drops in U.S. crude supplies and active oil rigs helping prices finish with a gain for the month.
Traders were also considering the potential outcome of the Organization of the Petroleum Exporting Countries’ meeting on June 5.
July crude jumped 4.5% to settle at US$60.30 a barrel on the New York Mercantile Exchange.
It rose about 1.1% for the month.
The number of U.S. rigs actively drilling for oil fell for a 25th week in a row, according to data from Baker Hughes released today. The number of active oil rigs saw a weekly fall of 13 to 646 as of May 29.
U.S. commercial crude-oil inventories fell by a stronger-than-expected 2.8 million barrels in the week ended May 22, the U.S. Energy Information Administration said yesterday – Proactiveinvestors.com.au