Oil rises above $55, set for weekly gain on Saudi output cut

Oil prices hit 11-month highs and were on track for a weekly gain on Friday, supported by Saudi Arabia’s pledge to cut output and a global stocks rally as investors looked beyond rising coronavirus cases.

Brent crude climbed 88 cents, or 1.6%, to $55.26 a barrel by 1436 GMT, the highest since late February, and U.S. West Texas Intermediate (WTI) gained 79 cents, or 1.6%, to $51.62, also its highest level since late February.

Both were on track for weekly gains of more than 6%.

“The surprise Saudi cut is keeping bulls at the helm,” said Stephen Brennock of oil broker PVM. “It will take a brave man to bet against the current bullish run of play.”