Oil climbs 2% but still headed for seventh weekly drop | Reuters

Oil climbs 2% but still headed for seventh weekly drop | Reuters

Oil prices were on track for a seventh consecutive weekly decline for the first time in half a decade on Friday on concerns about surplus supply, but prices rose on the day after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts.

Brent crude futures were up $1.76, or 2.4%, at $75.81 a barrel at 2:06 p.m. ET [1906 GMT], while U.S. West Texas Intermediate crude futures were up $1.85, or 2.7%, at $71.19 a barrel.

Offering some support, data showed U.S. consumer sentiment perked up much more than expected in December, a development likely to be welcomed by Federal Reserve officials.

Meanwhile, Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts just days after a fractious meeting of the producers' club.

The Organization of the Petroleum Exporting Countries and its allies last week agreed to a combined 2.2 million barrels per day (bpd) in output cuts for the first quarter of next year. The market has been concerned, however, that some members may not adhere to their commitments.