Oil Rebounds on Expectations OPEC Will Move to Support Prices
- Crude still posts fourth straight weekly drop as supply gains
- Goldman analysts see cartel ensuring Brent prices above $80
Oil rebounded as traders boosted bets that OPEC and its allies will work to counteract the plunge in prices over the past four weeks.
West Texas Intermediate rose 4.1% to settle near $76 a barrel on Friday after Goldman Sachs Group Inc. analysts said they expect the Organization of Petroleum Exporting Countries to act to support prices when it meets later this month. Global benchmark Brent advanced 4.1% to settle above $80.