March West Texas Intermediate crude rose 86 cents, or 1.6%, to settle at $53.86 a barrel.Crude oil futures rose sharply Friday, ending a topsy turvy week on the rebound amid hopes the global supply glut is dwindling. Prices were little changed compared to a week ago. 

The IEA also upgraded its forecast for 2017 demand growth to 1.4 million barrels a day, from 1.3 million barrels projected in its January report. The latest Energy Information Administration (EIA) inventories data recorded a build of 13.8 million barrels in the week ending February 3rd following a 6.5 million build the previous week. 

CLICK wwww.ripplesadvisory.com

Consensus forecasts were for a build of around 2.5 million barrels, although the huge 14.2-million-barrel build reported in the American Petroleum Institute (API) data rendered the consensus forecasts almost meaningless. Crude inventories at 508.6 million barrels are 8.1% higher than year-ago levels. Cushing inventories recorded a build of 1.06 million barrels, higher than the API estimate.