Brent crude futures settled up US$2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West Texas Intermediate (WTI) crude futures rose $2.14, or 5.7%, to $39.55 a barrel, rising 10.7% on the week. The U.S. Labor Department reported a surprise fall in the jobless rate to 13.3% last month from 14.7% in April.
NEW YORK: Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC's decision to bring forward to Saturday discussions on whether to extend record production cuts.
Brent crude futures settled up US$2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West Texas Intermediate (WTI) crude futures rose $2.14, or 5.7%, to $39.55 a barrel, rising 10.7% on the week.
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