U.S. oil moved higher 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.

West Texas Intermediate crude jumped 4.99%, or 94 cents, to settle at $19.78 per barrel, after climbing above $20 earlier in the session. Brent futures for July eased 7 cents, or 0.6%, to $26.31. The June contract expired on Thursday at $25.27.

The global oil benchmark Brent has fallen about 60% in 2020 and hit a near-21-year low last month as the pandemic squeezed demand and OPEC and other producers pumped at will before reaching the new supply deal that kicked in on Friday.

After three consecutive weeks of losses, Brent was on track for a gain of more than 20% while WTI headed for an increase of about 16%.

Source: CNBC