WASHINGTON (dpa-AFX) - Crude oil prices surged Friday, extending 2-year highs after industry data showed a suprisingly large drop in the number of U.S. oil rigs.
The U.S. rig count is now down to 898 rigs, down from a July peak of 958, according to the Houston Chronicle's reading of Baker Hughes' weekly report.
Meanwhile, OPEC is expected to extend its supply quota plan through 2018.
December West Texas Intermediate crude added $1.10, or 2%, to settle at $55.64 a barrel on the New York Mercantile Exchange.
The U.S. economy added 261,000 jobs in October as employment rebounded from anemic gains in the prior month due to hurricanes Harvey and Irma.
Employment was expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September.
Unemployment fell to 4.1% from 4.2%, but only because 765,000 people stopped looking for work.
Copyright RTT News/dpa-AFX