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

21 August 2020 08:04 (UTC +04:00)

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, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude CLc1 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 LCOc1 futures rose 16 cents, or 0.4%, to $44.07, heading for a weekly rise around 0.5%.

Both benchmark contracts fell around 1% on Thursday on economic concerns after weekly U.S. jobless claims came in higher than expected.

Meanwhile, an internal report by the Organization of the Petroleum Exporting Countries and allies, showed the group known as OPEC+ was focused on ensuring that members who had overproduced against their commitments would cut their output, as flagged following an OPEC+ meeting on Wednesday.