Investing.com - Crude oil futures settled higher on Friday, after data showed that the pace of falling rigs in the U.S. accelerated last week.
On the New York Mercantile Exchange, crude oil for delivery in May tacked on 85 cents, or 1.67%, to settle at $51.64 a barrel by close of trade on Friday.
Industry research group Baker Hughes (NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. fell by 42 last week to 760. It was the 18th straight week of declines and the largest drop in a month.
Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.
On the week, Nymex oil prices jumped $2.50, or 5.09%, the third consecutive weekly gain, amid speculation an ongoing collapse in rigs drilling for oil in the U.S. will result in lower production.
Elsewhere, on the ICE Futures Exchange in London, Brent for May delivery rallied $1.30, or 2.3%, on Friday to settle at $57.87 a barrel by close of trade.
For the week, London-traded Brent futures tacked on $2.92, or 5.31%, as investors continued to assess the impact of an Iranian nuclear deal on global supplies.
Market experts largely estimated that a ramp-up in Iranian crude exports could take several months after Western powers negotiated a tentative nuclear deal with Tehran earlier in the month.
Meanwhile, the spread between the Brent and the WTI crude contracts stood at $6.23 a barrel by close of trade on Friday, compared to $5.81 in the preceding week.
In the week ahead, markets will be looking ahead to Tuesday’s report on U.S. retail sales, as well as Friday’s reports on inflation and consumer sentiment, for further indications on the strength of the economy.
Oil traders are also looking ahead to a raft of Chinese economic data in the week ahead, including reports on first quarter gross domestic product, as well as data on industrial production and the trade balance.
The U.S. and China are the world’s two largest oil consuming nations.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, April 13
China is to release data on the trade balance.
Tuesday, April 14
The U.S. is to release data on retail sales and producer prices, while the American Petroleum Institute, an industry group, is to publish its weekly report on oil supplies.
Wednesday, April 15
China is to release official figures on GDP growth and fixed asset investment.
The European Central Bank is to announce its interest rate decision. The rate announcement is to be followed by a press conference with President Mario Draghi.
The U.S. is to release reports on industrial production and manufacturing activity in New York state.
Meanwhile, the International Energy Agency will release its monthly report on global oil supply and demand.
Thursday, April 16
The U.S. is to release a string of reports, including jobless claims, building permits, housing starts and manufacturing activity in the Philadelphia region.
The Organization of Petroleum Exporting Counties will publish its monthly report on global oil supply and demand.
Friday, April 17
The U.S. is to round up the week with data on consumer prices and consumer sentiment.
Later in the day, Baker Hughes will produce data on the U.S. rig count for the week ending April 17.