Oil price firms as Opec+ begins record cuts

After three consecutive weeks of losses, Brent crude notched a gain of about 23% while WTI increased about 17%.

NEW YORK: U.S. oil prices were 5% higher while Brent crude rose above US$26 per barrel on Friday, with both benchmarks posting their first weekly gain in four weeks as OPEC and its allies embark on record output cuts to tackle a supply glut due to the coronavirus crisis.

In April, U.S. crude fell to an all-time low and traded negative for the first time on record while Brent hit a near-21-year low as the pandemic eroded demand and OPEC and other producers ramped up production before reaching the new supply deal that kicked in on Friday.