Oil rallies more than 5%; snaps 7-week losing streak

Crude-oil futures rallied Friday, notching their first weekly gain in eight weeks as the International Energy Agency said collapsing crude prices would cut into supply growth from oil producers outside of the Organization of the Petroleum Exporting Countries.

Light, sweet crude futures for delivery in February CLG5, +4.82%  advanced $2.44, or 5.3%, to settle at $48.69 a barrel on the New York Mercantile Exchange. On the week, oil rose 0.7%, snapping a seven-week losing streak.

March Brent crude UK:LCOG5 gained $1.90, or 4%, to $50.17 a barrel on London’s ICE Futures exchange. On the week, however, Brent lost 2.2% to notch an eight-week decline.