Oil climbs 1 percent on OPEC output cut, hopes for easing China-U.S. trade tensions | Reuters

Oil climbs 1 percent on OPEC output cut, hopes for easing China-U.S. trade tensions | Reuters:

Oil prices rose 1 percent on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply.

International Brent crude oil futures LCOc1 were up 62 cents, or 1.01 percent, at $61.80 per barrel at 0753 GMT. Brent has risen about 2 percent this week, its third straight week of gains.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.65 per barrel, up 58 cents, or 1.11 percent, from their last settlement.