LONDON—Oil prices jumped more than 2 percent on Friday, heading for weekly gains, as Russia announced plans to reduce oil production next month after the West imposed price caps on the country’s oil and oil products.
Brent crude futures rose $1.71, or 2.02 percent, to $86.21 a barrel by 1148 GMT. U.S. West Texas Intermediate (WTI) crude futures were up $1.57, or 2.01 percent, at $79.63.
