Oil Heads for 3rd Weekly Gain After Shock OPEC+ Cuts

Oil pours out of a spout from the original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pa., on Oct. 5, 2017. Brendan McDermid/Reuters

LONDON—Oil remained on track for weekly gains on Thursday, with further production cuts targeted by OPEC+ and a drop in U.S. oil inventories overshadowing fears over global economic growth.

Brent and U.S. crude have both gained more than 6 percent this week, heading for a third weekly gain after the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia—a group known as OPEC+— pledged surprise production cuts.