Oil rises to 11-month high, logs weekly gain on Saudi output cut

By Laila Kearney NEW YORK (Reuters) - Oil prices hit their highest level in nearly a year on Friday, gaining 8% on the week, supported by Saudi Arabia's pledge to cut output and strong gains in major equity markets. Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the week. West Texas Intermediate crude futures (WTI) closed at $52.

24 a barrel, gaining $1.41, or 2.8%, also its highest since late February. WTI posted a weekly gain of 7.7%. Saudi Arabia this week pledged extra, voluntary oil.

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