Oil climbs 5% on U.S. jobless drop, OPEC+ meeting hopes - Reuters

Oil climbs 5% on U.S. jobless drop, OPEC+ meeting hopes - Reuters:

Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts.

Brent crude futures settled up $2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West Texas Intermediate (WTI) crude futures rose $2.14, or 5.7%, to $39.55 a barrel, rising 10.7% on the week.

The U.S. Labor Department reported a surprise fall in the jobless rate to 13.3% last month from 14.7% in April.

Brent has risen 17% since May 29 to reach a three-month high, in a range more comfortable for producers like Russia. The contract has more than doubled since crashing as low as $15.98 a barrel on April 22. WTI is up 11%.