NEW YORK- Oil prices rose after an unexpected fall in the May US jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts.
Brent crude futures settled up $2.31, or 5.8 percent, at $42.30 a barrel, surging 19.2 percent on the week. US West Texas Intermediate (WTI) crude futures rose $2.14, or 5.7 percent, to $39.55 a barrel, rising 10.7 percent on the week.
The US Labor Department reported a surprise fall in the jobless rate to 13.3 percent last month from 14.7 percent in April.
Brent has risen 17 percent since May 29 to reach a three-month high, in a range more comfortable for producers like Russia. The contract has more than doubled since crashing as low as $15.98 a barrel on April 22. WTI is up 11 percent.
Both benchmarks were headed for a sixth week of gains, lifted by the output cuts and signs of improving fuel demand as countries ease lockdowns imposed to fight the new coronavirus outbreak.