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US oil settles up 1.9%, at $47.26 a barrel

U.S. crude oil prices closed higher on Friday after oilfield services firm Baker Hughes released weekly data showing the U.S. oil rig count fell for a seventh consecutive week.

The number of rigs in the nation's oilfields fell by 10 to a total of 595 in the week ended Oct. 16. At this time last year, oil and gas producers were operating 1,590 rigs.

The rig counts have seen the longest streak of weekly declines since June, data showed Friday, a sign low prices continued to keep drillers away from the well pad. Over the prior six weeks, drillers had cut 70 rigs.

U.S. crude settled up 88 cents, or 1.9 percent, at $47.26 a barrel. Brent's new front-month December contract...