Oil climbs 1pc on OPEC output cut, but US production robust

International Brent crude oil futures were up 62 cents, or 1.01 percent per barrel at 0955 GMT. [Photo: WSJ]

LONDON - Oil prices rose over 1pc on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing some fears about prolonged oversupply.

International Brent crude oil futures were up 62 cents, or 1.01 percent, at $61.80 per barrel at 0955 GMT. Brent has risen about 2 percent this week, its third straight week of gains.