Shares of energy companies rose sharply after a renewal of an international production-cap plan.
The Organization of the Petroleum Exporting Countries and its allies plan to extend record oil production curbs through July, delegates said Friday, as the world's largest oil exporters move cautiously to rebalance oil markets amid the easing of coronavirus-related lockdowns.
Oil futures closed at $39.55 in New York, coming the closest to $40 a barrel they've been since early March.
In another good sign for the supply outlook, the number of active oil rigs in the U.S. fell by 16 in the latest week to a 19-year-low of 206 rigs, according to oilfield services company Baker Hughes.
Write to Rob Curran at rob.curran@dowjones.com
