WASHINGTON (dpa-AFX) - Oil futures settled higher on Friday, lifted by data showing a drop in U.S. crude inventories last week, and recent announcements by Saudi Arabia and Russia to reduce crude output.
A stronger dollar and worries about outlook for energy demand from China due to the slow pace of economic recovery limited oil's uptick.
West Texas Intermediate Crude oil futures for September ended higher by $1.42 or about 1.9% at 77.07 a barrel. WTI Crude futures gained about 2.3% in the week.
WTI crude futures had gained a total of close to 9% in the previous three weeks.
Brent crude futures were up $1.33 or 1.67% at $80.97 a barrel a little while ago.
A report from Baker Hughes said the total rig counter fell to 669 this week. The number of oil rigs declined by 7 this week to 530, down 91 so far this year.
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