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Oil prices rebounded to rise more than 1% on Friday. but Brent crude ended the week nearly 3% lower after an OPEC-led decision to extend production curbs did not go as far as many investors had hoped. Trading was light after Thursday`s heavy sell-off and ahead of the long weekend break in the United States and Britain.
Brent futures settled up 69 cents to $52.15 a barrel. or 1.3%. after hitting a session low of $50.71. US West Texas Intermediate crude futures settled at $49.80 a barrel. gaining 90 cents or 1.8%. after hitting an intra-day low at $48.18. CNBC reported.
On Thursday. the Organization of Petroleum Exporting Countries and other producers pledged to continue output cuts of 1.8 million barrels per day for another nine months. through the first quarter of 2018. Crude prices plunged 5% after the decision as some had priced in more aggressive output cuts.
