PT Equityworld Futures – Oil capped the biggest weekly advance in more than four years in New York on speculation that the drop in U.S. rigs will crimp production.

Futures climbed 7.9 percent this week amid expectations that the idling of U.S. rigs is spurring a slowdown that will trim the global surplus.

Shale output will fall in May, the Energy Information Administration said, the first time the agency forecast a drop since it began publishing a monthly drilling report in 2013.

PT Equityworld – Oil services provider Schlumberger Ltd. said it will cut an additional 11,000 jobs.

Oil slipped 1.7 percent Friday after global equity markets slipped as Chinese regulators tightened rules and on renewed concern over Greece’s debt negotiations. U.S. supplies rose to the highest level in 85 years

Aand Saudi Arabia pumped the most crude in three decades in March, reports showed this week.

Read: Japanese Shares Slide as Commodity Producers Retreat on Oil

West Texas Intermediate for May delivery fell 97 cents to settle at $55.74 a barrel on the New York Mercantile Exchange.

Prices posted their biggest weekly gain since February 2011. Futures touched $57.42 Thursday, the highest level since Dec. 23.

Brent oil held gains near $50 a barrel as Nigerian militants claimed fresh attacks over the weekend, threatening the country’s efforts to raise output.

September futures were little changed in London after the contract advanced 1.3 percent Friday. The Niger Delta Avengers said they attacked five crude-pumping facilities overnight Sunday, dealing a blow to a government effort to enforce a cease-fire.

PT Equityworld Futures: Brent Holds Gain Near $50 as Nigeria Militants Claim Attacks

Shale drillers in the U.S. brought back the most oil rigs of any week this year as confidence in a stabilized market prompts talk of expansion.

“Supply disruptions in Nigeria are now becoming an ongoing issue,” Hong Sung Ki, a Seoul-based commodities analyst at Samsung Futures Inc., said by phone.

“Things look better one day and worse the next day, similar to what we are seeing in Libya.”

Brent has recovered about 80 percent since tumbling to a 12-year low in January amid supply disruptions and falling U.S. supply.

Pledges from central banks halted a rout in global markets following the U.K. decision to leave the European Union, and both the International Energy Agency and OPEC forecast the oil market is heading toward a supply-demand balance.

Brent for September settlement traded at $50.44 a barrel on the London-based ICE Futures Europe exchange, 9 cents higher, at 10:46 a.m. Seoul time.

The contract advanced 64 cents to $50.35 a barrel on Friday. The global benchmark crude traded at a 72-cent premium to WTI.

West Texas Intermediate for August delivery was at $49.03 a barrel on the New York Mercantile Exchange, up 4 cents.

Prices climbed 66 cents, or 1.4 percent, to settle at $48.99 on Friday. Total volume traded was about 47 percent below the 100-day average.

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