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Oil up 1 percent, posts weekly gain of 5 percent

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil rose 1 percent on Friday, boosted as U.S. crude producers added only two rigs in the latest week and on signs of increased Chinese demand, but trading was volatile as global supply remained strong.Brent crude futures , the international benchmark for oil, settled up 49 cents, or about 1 percent, at $48.91 per barrel.U.S. West Texas Intermediate (WTI) crude futures settled up 46 cents, or 1 percent, at $46.54 per barrel.U.S. crude rose more than 5.2 percent for the week while Brent rose more than 4.7 percent."I think the big driver is inventory numbers," ...

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First Published: Sat, July 15 2017. 03:13 IST