Oil gains 12% but ends the week down

Oil futures surged 12% on Friday, posting the biggest one-day gain since 2009, after the United Arab Emirates energy ministry said on Thursday that OPEC might be willing to cooperate on possible output cuts.

WTI for March delivery rallied 12.3% to settle at $29.44 a barrel on the New York Mercantile Exchange. However, WTI ended the week down 4.7% having settled at its lowest level in 13 years on Thursday at $26.21/bbl amid lingering global supply glut concerns.