UPDATE: Oil gains for the day, falls for the week; natural gas tallies weekly rise of 7.5%

08/11/17 03:53 PM EDT

Oil rose Friday (http://www.marketwatch.com/story/oil-prices-head-lower-as-global-tensions-continue-unabated-2017-08-11), as a modest rise in the U.S. oil-rig count from Baker Hughes (http://www.marketwatch.com/story/baker-hughes-data-show-a-rise-in-the-weekly-us-oil-rig-count-2017-08-11)(BHGE) fueled expectations that drilling activity has stabilized. Prices had traded lower for much of the session, and still lost roughly 1.5% for the week on lingering concerns over the global glut of crude supplies. Natural gas, meanwhile, tallied a weekly gain of 7.5%--the biggest such rise of the year--after U.S. supplies rose less than expected. September WTI crude climbed 23 cents, or 0.5%, to settle $48.82 a barrel on the New York Mercantile Exchange. September natural gas settled nearly flat for the session at $2.983 per million British thermal units.

-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com

 

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08-11-17 1553ET

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