Oil Rises to 11-month High, Logs Weekly Gain on Saudi Output Cut

Oil prices hit their highest level in nearly a year on Friday, gaining 8 percent on the week.

Flared natural gas is burned off at Apache Corporations operations at the Deadwood natural gas plant in the Permian Basin in Garden City, Texas, on Feb. 5, 2015. Spencer Platt/Getty Images

NEW YORK—Oil prices hit their highest level in nearly a year on Friday, gaining 8 percent 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 percent, on the day and 8.1 percent on the week. West Texas Intermediate crude futures (WTI) closed at $52.24 a barrel, gaining $1.41, or 2.8 percent, also its highest since late February. WTI posted a weekly gain of 7.7 percent.