Oil Market Update

Oil futures settled higher Friday after the U.S. jobless rate hit a six-year low.

Light, sweet crude for December delivery CLZ4, +0.67%  rose 74 cents, or 1%, to settle at $78.65 a barrel on the New York Mercantile Exchange. On the week, however, prices declined 2.4%. It was New York-traded oil sixth straight weekly loss.

December Brent futures LCOZ4, +0.17%  rose 53 cents, or 0.6%, to $83.39 a barrel on London’s ICE. On the week, Brent fell 2.9%. It was Brent’s seventh consecutive weekly decline.