Oil futures marked their highest settlement in more than seven months on Friday. The death of a key Iranian military commander in a U.S. airstrike exacerbated tensions between the U.S. and Iran, raising concerns of potential disruptions to Middle East oil output.
Holiday-delayed data released from the U.S. government on Friday also revealed a hefty 11.5 million-barrel weekly decline in U.S. crude supplies.
February West Texas Intermediate oil rose $1.87, or 3.1%, to settle at $63.05 a barrel on the New York Mercantile Exchange after trading as high as $64.09.
The settlement was the highest for a front-month contract since May 20, according to FactSet data. Prices gained about 2.2% for the week.
Source : Market Watch