Oil firms, ends with weekly gain, as OPEC+ begins record cuts - Reuters

Oil firms, ends with weekly gain, as OPEC+ begins record cuts - Reuters:

U.S. oil prices were 5% higher while Brent crude rose above $26 per barrel on Friday, with both benchmarks posting their first weekly gain in four weeks as OPEC and its allies embark on record output cuts to tackle a supply glut due to the coronavirus crisis.

In April, U.S. crude fell to an all-time low and traded negative for the first time on record while Brent hit a near-21-year low as the pandemic eroded demand and OPEC and other producers ramped up production before reaching the new supply deal that kicked in on Friday.

Brent futures for July eased 4 cents, or 0.2%, to settle at $26.44 per barrel. The June contract expired on Thursday at $25.27.

U.S. West Texas Intermediate crude (WTI) ended the session 94 cents, or 5% higher, at $19.78 after climbing above $20 earlier in the session.

After three consecutive weeks of losses, Brent crude notched a gain of about 23% while WTI increased about 17%.