U.S. oil futures post biggest weekly rise since June

Saturday, 7 December 2019 03:13 WIB

Oil futures settled higher on Friday, with U.S. prices up more than 7% for the week to mark their highest weekly percentage climb since June. Prices got a lift after the Organization of the Petroleum Exporting Countries and its allies announced an agreement to cut production by an additional 500,000 barrels a day starting in January. Including the 1.2 million barrels in reductions under the current pact, that will bring total output cuts to 1.7 million barrels a day from October 2018 levels. Even so, analysts said concerns surrounding a slowdown in oil demand remain. Meanwhile, Baker...

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