Oil rises nearly 3% as Saudi signals OPEC deal extension, stocks rally - Reuters:
Oil prices rose nearly 3% on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June and as Wall Street rallied.
Brent crude futures gained $1.62, or 2.6%, to settle at $63.29 a barrel. U.S. West Texas Intermediate (WTI) crude ended at $53.99 a barrel, up $1.40, or 2.7%.
Brent posted its third weekly decline, dropping nearly 2%, while WTI gained about 1% for the week. On Wednesday both benchmarks hit their lowest since January.
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