Oil price climbs 5% on US jobless drop, OPEC+ meeting hopes

NEW YORK: 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 US$2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West Texas Intermediate crude futures rose $2.14, or 5.7%, to $39.55 a barrel, rising 10.7% on the week.

Both benchmarks were headed for a sixth week of gains, lifted by the output cuts and signs of improving fuel demand as countries ease lockdowns imposed to fight the new coronavirus outbreak. The market was hopeful that some laggard countries may have agreed to align with the production cut deal.

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