Oil hovers near multi-month highs, boosted by Saudi supply cut pledge

Oil prices hovered near 11-month highs on Friday and were on course for a strong weekly gain as Saudi Arabia pledged to cut supply, boosting market sentiment.

U.S. West Texas Intermediate crude futures climbed 0.3%, or 14 cents, at $50.97 per barrel. The benchmark ended 0.4% higher on Thursday after reaching its strongest level of $51.28 since February.

Brent crude futures rose 0.2%, or 13 cents, at $54.51 per barrel. It hit $54.90 on Thursday, the highest level since February. Both contracts are on course for nearly 5% gains this week.

In the United States, the COVID-19 death toll hit 4,000, its highest in a day. China posted its highest rise in daily cases in over five months, while Japan is looking to extend a state of emergency beyond the Tokyo region.

U.S. fuel stockpile climbed last week, while gasoline stocks rose by 4.5 million barrels, its highest since April.