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Seadrill (SDRL) Stock Up, Oil Prices Have Biggest Weekly Gain Since August

NEW YORK (TheStreet) -- Seadrill (SDRL - Get Report) stock is climbing by 2.88% to $7.68 in late afternoon trading on Friday, as oil prices round out their biggest weekly gain since August.

WTI crude oil increased 9% this week, as investors were optimistic that lower production and increasing demand would reduce the global supply glut that has been plaguing the industry, according to Bloomberg.

The number of active rigs in the U.S. fell by nine to 605 this week, in a sixth straight week of declines, according to data released today by oil services company Baker Hughes (BHI).

Additionally, the House of Representatives voted today to repeal the U.S. oil export ban, but the White House has threatened to veto the decision. Proponents of the repealing the trade restriction say it will sustain the drilling boom and help allies locate alternative oil sources, whereas opponents to lifting the restriction argue that it will cost jobs and harm the environment, Reuters reports.

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