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Oil is heading for a weekly gain in support of a Saudi cut
Oil prices hit an 11-month high on Friday and are on track for weekly gains, supported by Saudi Arabia's pledge to cut production and strong gains in major stock markets.
Brent crude rose $ 1.04, or 1.9 percent, to $ 55.42 a barrel, the highest level since late February, and US West Texas Intermediate crude rose 82 cents, or 1.6 percent, to $ 51.65, which is also the highest level since late February.
The two benchmarks are on track for gains of nearly 6 percent this week.
"People are realizing that the market is more restricted than it was at some time," said Phil Flynn, a senior analyst with Price Futures Group in Chicago.
Saudi Arabia pledged this week to voluntarily cut oil production by one million barrels per day in February and March, at a time when most OPEC + producers, under an agreement, keep their production steady, coinciding with new lockdown measures.
On Thursday, seven shipments of North Sea crude were bought and sold on the trade platform operated by Platts, a record amount that trade sources say may indicate lower supplies after the Saudi cut.
