Crude oil futures maintained its momentum on Friday, making it best weekly gains in last seven weeks, after industry data showed the US oil rig count dropped for a second week post-hurricanes. Oilfield services firm Baker Hughes said its weekly count of oil rigs operating in the United States declined by 7 to 749. Also, there was rising expectations that higher oil demand will reduce excess crude supplies to OPEC’S five-year average target. OPEC said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria.

Benchmark crude oil futures for October delivery ended unchanged at $49.89 a barrel on the New York Mercantile Exchange. Prices were up 5.1% for the week. Brent crude for October delivery rose 0.23 percent to $55.60 a barrel on the ICE.

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