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. U.S. West Texas Intermediate (WTI) crude futures climbed 38 cents, or 1%, to $39.22 a barrel. 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.
