2017.05.2614:49:00UTC+00Crude Oil Trims Weekly Losses As Rig Boom Slows

Crude oil futures rose Friday, as industry data showed the pace of increases in the U.S. rig count slowed.

U.S. energy firms added oil rigs for a record 19 weeks in a row. Drillers added two oil rigs for a total of 772 last week, Baker Hughes said this afternoon.

Traders may be sensing an end to the global supply glut that has kept oil prices below $50 for much of the past year.

July WTI oil climbs 90 cents, or 1.8%, to settle at $49.80/bbl, but lost 1.7% for the week.

OPEC's 9-month supply quota extension did not impress traders on Wednesday, as Nigeria and Libya remain free to pump at a breakneck pace.

In economic news, the Commerce Department said gross domestic product climbed by 1.2 percent in the first quarter compared to the previously reported 0.7 percent increase.

Economists had been expecting a more modest upward revision to the pace of GDP growth to approximately 0.9 percent.