Oil gains on OPEC outlook that U.S. output growth will slow | Reuters

Oil gains on OPEC outlook that U.S. output growth will slow | Reuters

Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices.

Officials at the Organization of the Petroleum Exporting Countries got the U.S. production outlook from industry experts, OPEC sources said. This would give the producer group more power to manage the market before a potential surge in shale output in 2022.

Brent crude futures rose 43 cents, or 0.6% to settle at $73.51 a barrel. U.S. West Texas Intermediate (WTI) crude rose 60 cents, or 0.8% to $71.64 a barrel.

Both benchmarks were headed for a weekly gain of about 1.1%.

"Oil markets are rallying because OPEC is skeptical that the increase in U.S. oil production is going to be enough to change their plans to support prices," said Phil Flynn, senior analyst at Price Futures Group in Chicago.