Crude-oil futures climbed on Friday to score a 7.2% gain for the week, finding support from an upbeat U.S. jobs report and a drop in the number of active drilling rigs.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH5, +3.68% settled at $51.69 a barrel, up $1.21, or 2.4%, for the session.
Brent crude for March delivery LCOH5, +2.81% on London’s ICE Futures exchange rose $1.23, or 2.2%, to $57.80 a barrel — 9.4% higher for the week.
March silver SIH5, -2.83% also lost 50 cents, or 2.9%, to end at $16.694 an ounce, with prices down around 3% for the week.
In other metals action Friday, platinum for April delivery PLJ5, -2.18% shed $28.10, or 2.3%, to $1,221.60 an ounce, down 1.3% for the week, while palladium for March delivery PAH5, -1.50% lost $14.40, or 1.8%, to $781.30 an ounce, and was up 1.2% for the week. High-grade copper for March delivery HGH5, -0.23% fell a penny, or 0.4%, to $2.586 a pound, up more than 3% for the week.
Gold futures on Friday sank more than 3% to settle at their lowest level since mid-January after an encouraging U.S. jobs report provided support for the dollar, drawing investors’ attention away from the haven metal.
Gold for April delivery GCJ5, -2.33% shed $28.10, or 2.2%, to settle at $1,234.60 an ounce. They marked their lowest settlement since Jan. 14, according to FactSet data. Prices saw a loss of 3.5% for the week.
