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High oil prices due to sanctions on Venezuelan exports
Oil prices rose 3 percent on strong job data in the US, and signs that US sanctions on Venezuelan exports helped reduce crude supplies.
Prices were also supported by data showing US oil drilling companies cut the number of oil rigs this week.
Brent crude futures closed at $ 1.91, or 3.14 percent, to settle at $ 62.75 a barrel, ending the week with gains of about 2 percent.
US benchmark West Texas Intermediate crude futures rose $ 1.47, or 2.73 percent, to settle at $ 55.26 a barrel, extending its gains over the week to 3 percent. Oil
prices jumpedHit a session high after Baker Hughes Energy Services said oil drilling companies in the United States cut the number of active oilrigs for a week in the past five weeks.
Last week's data showed that the number of rigs in January recorded the biggest monthly drop since April 2016.
Analysts believe the oil market will be more balanced in 2019 after OPEC supply cuts.
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