Oil near 11-month highs on Saudi output cut pledge, equities rally | Reuters
Oil prices held near 11-month highs on Friday and were on track for a strong weekly gain as Saudi Arabia’s pledge to cut output continued to buoy market sentiment.
Brent crude climbed 13 cents, or 0.2%, to $54.51 a barrel by 0531 GMT. It touched $54.90 on Thursday, the highest since February.
U.S. West Texas Intermediate (WTI) gained 14 cents, or 0.3%, to $50.97. The contract closed up 0.4% on Thursday after also hitting its highest since February at $51.28.
Both benchmarks are on track for gains of about 5% for this week.
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