Oil records its third consecutive weekly gain

Oil prices posted gains for the third week in a row, with both Brent and WTI rising by more than 6% this week after OPEC announced production cuts and US oil inventories fell more than expected. Brent crude futures rose 0.2% to $85.12 a barrel, and US West Texas Intermediate crude futures rose 0.1% to $80.70 a barrel.

The data showed that US crude stocks declined for the second week in a row last week, as well as gasoline and distillate stocks declined, which indicates an increase in demand. US energy companies also reduced this week the number of oil rigs for the second week in a row.