Oil prices strengthened Friday as drilling in the U.S. declined and positive economic data boosted demand expectations. Prices have traded in a tight range this month amid uncertainty about how quickly the global glut of crude is set to shrink. Production is falling in the U.S., leading to lower commercial inventories of crude oil, but output remains robust in other countries. While global consumption has been strong, analysts question whether demand can continue to grow at a high pace next year. Light, sweet crude for November delivery settled up 79 cents, or 1.8%, at $45.70 a barrel on the New York Mercantile Exchange. Prices rose 1.5% on the week. Brent, the global benchmark, 43 90 cents, or 0.9%, to $48.60 a barrel on ICE Futures Europe, posting a 2.4% weekly gain. The number of rigs […]