Oil sees largest one-day gain in weeks on hope of OPEC production cut

Crude-oil futures rallied Friday amid speculation that OPEC may cut its oil production, a move that would help stabilize plunging prices. However, Friday’s rally didn’t prevent oil from ringing up its seventh consecutive weekly loss.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December CLZ4, +2.32% rose $1.61, or 2.2%, to settle at $75.82 a barrel. That was oil’s largest one-day gain since early September. On the week, oil declined 3.6%.

Brent LCOF5, +2.72%  for January delivery on London’s ICE Futures exchange rose $1.92, or 2.5%, to finish at $79.41 a barrel. On the week, Brent lost 5.4%, its eighth straight week of declines.