Oil suffers 4.5% weekly drop on supplies, oil-rig count

U.S. oil futures took a modest turn lower before the close Thursday.

Futures finished the holiday-shortened week with a loss of 4.5% following U.S. weekly reports showing an unexpected rise in crude supplies and 2015’s first increase in the number of active oil-drilling rigs.

Earlier, prices had found support from dollar weakness in the wake of the latest monthly U.S. jobs report. Prices, however, immediately began to pare gains after the weekly rig-count data.

On the New York Mercantile Exchange, West Texas Intermediate August crude CLQ5, -0.35% shed 3 cents to settle at $56.93 a barrel. For the week, oil saw loss of around 4.5%.

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