West Texas Intermediate futures rose 0.5 percent, following a 1.7 percent increase last week, when they hit a three-year high. Rigs drilling for crude fell by five to 742 in the seven days ended Jan. 5, according to Baker Hughes data Friday. Hedge funds retreated from the most bullish stance on WTI in 10 months during the week ended Jan. 2. “A drop in active oil rigs is usually bullish for oil prices,” said Michael Poulsen, an analyst at Global Risk Management Ltd. Oil had its strongest opening week for any year since 2013 as U.S. stockpiles continue to shrink. Click Read More below for additional information.

Prices for U.S. benchmark oil futures settled with a gain Wednesday, at a nearly one-week high, after U.S. government data revealed the biggest weekly decline in U.S. crude supplies since January. Global benchmark Brent crude prices, however, finished lower as traders monitored comments from major oil producers gathering for the much-anticipated Organization of the Petroleum Exporting Countries meeting at the end of the week. The U.S. Energy Information Administration reported Wednesday that crude supplies dropped by 5.9 million barrels for the week ended June 15. Click Read More below for additional information.

Futures lost as much as 1.5 percent in New York. Inventories probably rose 2.9 million barrels last week, according to a Bloomberg survey before a government report later Thursday. Global equities and industrial metals also dropped after an upbeat U.S. growth outlook fueled the possibility of interest-rate hikes. U.S. crude inventories rose by 1.84 million barrels in the week through Feb. 9, data from the Energy Information Administration show. While analysts surveyed by Bloomberg expect a further increase in this week’s numbers, the American Petroleum Institute was said to report a decline of 907,000 barrels. Click Read More below for additional information.