Oil rallies to best week in years after Opec output deal

New York

OIL prices rallied for their best week in at least five years on Friday, steadying above US$51 a barrel, following Opec's (Organization of the Petroleum Exporting Countries) decision to cut crude output to rein in a global glut that has weighed on prices for more than two years.

After the deal was announced on Wednesday, the market focused on the implementation and impact of Opec's first output cuts since 2008, to be joined by Russia and possibly other non-Opec producers.