OIL jumped Friday, settling 4 percent higher as strong U.S. jobs data and technical factors encouraged buying that revived last week’s rally after a one-day pause.

    Prices also got a boost when industry firm Baker Hughes posted data showing the U.S. oil rig count down eight last week for an 11th straight week of declines.

    Brent futures, the global benchmark for crude, settled up US$1.65, or 4.5 percent, at US$38.72 a barrel.

    U.S. crude’s West Texas Intermediate (WTI) futures closed up US$1.35, or 3.9 percent, at US$35.92.

    Both crude benchmarks were up about 10 percent for the week, with Brent up a second straight week and WTI a third straight.

    Oil rose after data from the Labor Department showed a surge in U.S. jobs growth for February. The rally intensified after WTI breached US$35 technical resistance.

    “I think there is a lot of money flow going on in oil and net buying from different parts of the financial world is driving prices higher,” Scott Shelton, broker with ICAP in Durham, North Carolina said, citing WTI’s lock-step trade of late with U.S. equities.

    “Near term physical markets are actually pretty firm, so I don’t think there are sellers here for now on the oil side,” Shelton said.

    Crude prices have spiked nearly 40 percent from 12-year lows hit less than two months ago, rallying after global oil producers began talking three weeks ago of a plan to freeze output at January’s highs.

    In mid-2014, a growing supply glut knocked oil off its perch above US$100 a barrel. The current rally, coming after Brent fell to 2003 lows of around US$27 and WTI near US$26, has persisted amid record high U.S. crude stockpiles.

    “Despite bearish inventory data, the market is looking for green shoots and reasons to head higher,” said Michael Tran, director of energy strategy at RBC Capital Markets in New York.(SD-Agencies)