Oil rose to the highest in more than two weeks in New York as global equities rallied amid speculation that a production freeze by some OPEC members and Russia could eventually help to abate the market surplus.
Futures climbed 6.2 percent. The Standard & Poor’s 500 Index extended its best week of 2016. Iran was “constructive” on the deal struck last week to limit output, although it hasn’t said whether it may join the pact, Russian Energy Minister Alexander Novak told state TV on Saturday. The global surplus will last into 2017, longer than previously reported amid resilient U.S. shale output, the International Energy Agency said.