Oil Closes Week on Rebound as Saudis, Russia Pledge Coordination

Output cuts likely to be extended; Trump sees trade progress
WTI finishes week up 1% after earlier entering bear market

Pump Jacks extract crude oil from oil wells in Midland, Texas, U.S., on Monday, Dec. 17, 2018. Once the shining star of the oil business, gasoline has turned into such a drag on profits that U.S. refiners could be forced to slow production in response.Photographer: Angus Mordant/Bloomberg

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By Alex Nussbaum and Grant Smith

June 6, 2019 at 11:04 PM UTC

Updated on

June 7, 2019 at 7:18 PM UTC

This article is for subscribers only.

Oil ended a tumultuous week on the upswing after Saudi Arabia and Russia reiterated their commitment to averting a global supply glut and U.S. President Donald Trump declared progress in his standoff with Mexico.

Futures in New York gained 2.7% on Friday, just two days after crashing into bear market territory. At a St. Petersburg conference, Saudi Arabian Energy Minister Khalid Al-Falih said he was sure OPEC and its partners will prolong output restraints into the second half of the year. His Russian counterpart, Alexander Novak, said the two countries have agreed to take coordinated action.