Oil climbs for third straight week, buoyed by producers holding back output

Oil prices rose in early trade on Friday, on track for a third straight week of gains, buoyed by major oil producers’ efforts to hold back output amid concerns about the economic recovery from the coronavirus pandemic.

U.S. West Texas Intermediate (WTI) crude futures inched up 8 cents, or 0.2%, to $42.90 at 0158 GMT, on course for a 2% rise for the week.

Brent crude futures rose 16 cents, or 0.4%, to $44.07, heading for a weekly rise around 0.5%.