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Oil settles higher and posts weekly gain Ani Salama

Crude oil prices advanced on Friday, logging daily and weekly gains, even after data showed US oil rigs rose to their highest in over 2 months.West Texas Intermediate crude for August delivery traded between $47.91 and $49.08 a barrel before settling at $48.99, up 0.66 or 1.4% on the session and 2.8% over the week.US oil rig count rose to 341 last week, reaching its highest level since April. Oil prices dipped after the report, but overall closed the week with gains as Brexit concerns eased.



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