Oil Market Update

Oil futures settled lower on Friday for the first time in six sessions but still gained about 5% for the week, with strength fueled in part by an escalating conflict in Yemen.

Meanwhile, data revealed that the number of active oil and natural-gas drilling rigs fell for a 16th week in a row, and that the declines in the rig counts have slowed.

West Texas Intermediate crude for delivery in May CLK5, -5.83%  settled at $48.87 a barrel, down $2.56, or 5% on the New York Mercantile Exchange, with the front-month contract ending about 4.9% higher for the week following a 4.5% jump on Thursday.

May Brent crude on London’s ICE Futures exchange LCOK5, -5.19%  fell $2.78, or 4.7%, to $56.41 a barrel, leaving it with a weekly gain of around 2%.