Oil rises for the second day on hopes of Saudi-Russia output deal


Crude futures surged for a second day on Friday, with both US and Brent contracts posting their largest weekly percentage gains on record due to hopes that a global deal to cut crude supply worldwide will emerge early next week.

On Thursday, oil staged its largest one-day rally in history on prospects for a cut in supply equivalent to anywhere from 10 per cent to 15 per cent of world demand. The sharp rebound from weeks of losses came after US President Donald Trump said Russia and Saudi Arabia will negotiate to end a price war that slashed.....

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