Crude oil futures continuing their up move posted biggest weekly gain this year, amid signs the global supply glut could be over within a year, as data during the week eased concerns about surplus supplies, after Saudi Arabia pledged to lower exports while US crude supplies fell more than expected. Also supporting a rise in crude prices was the possibility of major disruptions to crude supplies from Venezuela, which faces a national vote Sunday to elect a constituent assembly whose job will be to redraft its constitution. 

Benchmark crude oil futures for September delivery gained $0.67 or 1.4 percent to $49.71 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended higher by 1.02 percent at $52.51 a barrel on the ICE.

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