REUTERS

Oil prices rose around 1% on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet commitments on cutting supply and two major oil traders said demand was recovering well.

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Brent crude LCOc1 futures rose 35 cents, or 0.8%, to $41.86 a barrel by 0446 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures climbed 38 cents, or 1%, to $39.22 a barrel. Both contracts rose around 2% on Thursday and are heading for weekly gains of 8%, as reported by Reuters.

Plans by Iraq and Kazakhstan to make up for overproduction in May on their supply cut commitments supported the market. The promises came out of a meeting by a panel monitoring compliance by the Organization of Petroleum Exporting Countries and its allies, a grouping called OPEC+.

If the laggard producers do compensate over the next three months for their overproduction, that will effectively take extra barrels out of the market, even if OPEC+ does not extend its record 9.7 million barrels per day supply cut beyond July.