Free MCX Tips: Crude oil futures jumped by more than 5 per cent in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity as a tenth straight weekly decline in US rig count signaled lower production ahead, easing worries over a growing global supply glut.

The number of US rigs drilling for oil fell by 13 to 400 last week, Baker Hughes said.

Further, Venezuela’s oil minister Eulogio Del Pino said that four oil-producing countries, including Saudi Arabia, Russia and Qatar, will hold a meeting in mid-March to discuss efforts to stabilize the market, also bolstering optimism over easing oversupplies.

Strength in the US economy, the world’s biggest consumer of crude, bolstered the demand outlook for the fuel. The world’s biggest economy grew at a 1 per cent annualized pace in Q4 2015, up from an initial estimate of 0.7 per cent. Consumer spending grew the most in eight months, up 0.5 per cent in January from December, when it climbed 0.1 per cent.

However, household confidence came in at 91.7 this month, tad below January’s 92. Oil may retreat today as Friday’s sharp rally paves way for profit booking.

At the MCX, Crude oil futures, for the March 2016 contract, closed at Rs 2,316 per barrel, up by 5.18 per cent, after opening at 2,200, against the previous close price of Rs 2,202. It touched an intraday high of Rs 2,396.