Oil gains for the day, falls for the week; natural gas tallies weekly rise of 7.5%


Oil rose Friday, as a modest rise in the U.S. oil-rig count from Baker Hughes

BHGE, -1.18%

fueled expectations that drilling activity has stabilized. Prices had traded lower for much of the session, and still lost roughly 1.5% for the week on lingering concerns over the global glut of crude supplies. Natural gas, meanwhile, tallied a weekly gain of 7.5%–the biggest such rise of the year–after U.S. supplies rose less than expected. September WTI crude

CLU7, +0.41%

climbed 23 cents, or 0.5%, to settle $48.82 a barrel on the New York Mercantile Exchange. September natural gas settled nearly flat for the session at $2.983 per million British thermal units.

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Oil gains for the day, falls for the week