Oil tops $60 as U.S. rig count and crude supplies drop

Oil futures rallied Friday, as a weekly decline in U.S. oil inventories, a drop in the number of active drilling rigs and data showing strong demand for gasoline helped prices for the U.S. benchmark log a second month of gains in a row.

Traders were also considering the potential outcome of the Organization of the Petroleum Exporting Countries meeting on June 5.

On the New York Mercantile Exchange, July crude CLN5, -0.78% rose $2.62, or 4.5%, to settle at $60.30 a barrel. It was trading at $59.95 before the rig data were released Friday.

Based on the front-month contracts, the U.S. oil benchmark saw a weekly gain of about 1% and monthly climb of 1.1%.

July Brent crude LCON5, -0.56%  on London’s ICE Futures exchange rose $2.98, or 4.8%, to $65.56 a barrel. Brent saw a weekly rise of 0.3% but lost about 1.8% for the month.

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