Oil rises 5% after production cuts and demand hopes
And Brent crude was settled, up $ 1.51, or 5.1 percent, to $ 30.97 a barrel. West Texas Intermediate crude futures gained $ 1.19, or five percent, to $ 24.74 a barrel.
Both benchmarks recorded gains for the second week, with Brent advancing more than 18 percent this week, and West Texas Intermediate increased by 33 percent.
Iraq has not yet notified its traditional oil buyers of a cut in exports, indicating that it is finding it difficult to comply fully with supply cuts. / End 8[/rtl]