Oil ends higher, scores 3.3% monthly gain

Oil futures settled higher Friday to tally a monthly gain of more than 3% on growing expectations that crude production will soon decline.

December West Texas Intermediate crude CLZ5, -0.47%  settled at $46.59 a barrel on the New York Mercantile Exchange, up 53 cents, or 1.2%, for the day. Based on the most-active contracts, prices were up about 4.5% for the week. They added about 3.3% from the $45.09 settlement of the November contract a month ago.

December Brent crude LCOZ5, +0.04%  on London’s ICE Futures exchange added 76 cents, or 1.6%, to finish at $49.56 a barrel. Prices rose about 2.5% from the front-month contract settlement of $48.37 at the end of September.

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