West TX Oil Rallies to $52.50

Oil rallied again on Friday, with benchmark Brent crude on track for its largest two-week gain in 17 years, as falling oil rig counts and violence in producer Libya helped to further stall a selloff that began in June.

Crude prices have rallied nearly 20 percent over the past six sessions, but remain about 50 percent below their peak from the middle of last year, due to worries of a global oil glut.

U.S. crude closed $1.21 higher, at $51.69 a barrel. The contract rose 7.2 percent for the week, it’s biggest weekly gain since February 2011.  Meanwhile Brent was up about $1 at $58 a barrel on Friday.  Brent futures were headed for about a 10 percent gain on the week, the biggest increase since 2011, and 19 percent over two weeks, the largest since 1998.

CNBC

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