Oil futures rallied Friday, buoyed by better-than-expected data on U.S. employment and expectations that the Organization of the Petroleum Exporting Countries and its allies will agree to extend current production cuts at a meeting Saturday. U.S. prices were up by more than 11% for the week. July West Texas Intermediate oil rose $2.14, or 5.7%, to settle at $39.55 a barrel on the New York Mercantile Exchange Friday. That was the highest front-month contract settlement since March 6, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.