Oil surges after OPEC indicates it will maintain output cuts(Update)

Brent crude futures fell 25 cents to settle at $74.29 a barrel, but notched a 1.8 percent weekly increase, its first increase in four weeks. U.S. West Texas Intermediate (WTI) crude futures fell 92 cents to settle at $68.69 a barrel, and marked a fourth week of declines, falling about 2.4 percent. Depressing oil prices, U.S. stock markets broadly fell on Friday.

TOKYO - Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.

Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest since April 26.