Oil rallies and posts solid weekly gain

Oil prices rallied on Friday underpinned by optimism of an output freeze deal between OPEC and non-OPEC producers and signs of decreasing supply in the US.

WTI futures gained more than 6% on Friday to close at $39.72 a barrel, recording an 8.0% weekly gain. US crude futures gain more than 5% for second time this week after US Government reported a significant draw in stockpiles.

Brent benchmark rose 6.4% to $41.94 a barrel on Friday and posted a 8.5% weekly gain.