Oil prices up on strong U.S. jobs data, Venezuela sanctions | Reuters

Oil prices up on strong U.S. jobs data, Venezuela sanctions | Reuters:

Oil prices rose about 3 percent on Friday on upbeat U.S. jobs data and signs that U.S. sanctions on Venezuelan exports have helped tighten supply, then extending gains after weekly data showed U.S. drillers cut the number of oil rigs.

Brent crude oil futures rose $1.91 a barrel, or 3.14 percent, to settle at $62.75 a barrel. The international benchmark notched a weekly gain of about 1.9 percent.

U.S. West Texas Intermediate (WTI) futures ended the session at $55.26, up $1.47 a barrel or 2.73 percent and gained about 3 percent on the week.