Oil heads for weekly rise on prospect of tighter supply

Singapore: Oil prices on Thursday extended gains on the prospect of tighter supply as some Opec producers pledged further output cuts to compensate for pumping above agreed quotas.

Brent crude futures rose 34 cents, or 0.5%, to $66.19 a barrel, and US West Texas Intermediate crude was at $62.91 a barrel, up 44 cents, or 0.7%.

Both benchmarks settled 2% higher on Wednesday at their highest levels since 3 April 2025 and are on track for their first weekly rise in three.