Stock Market Tips, Oil at one-month high, supply-cut extension expected

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Oil prices rose on Friday, closing out the second week of gains on growing expectations that OPEC and other producing countries will agree next week to extend output cuts.

Brent crude settled up $1.10, or 2.1 percent, at $53.61, the highest settlement for the international benchmark since April 18. U.S. benchmark crude oil open rose 98 cents to $50.33, the highest close since April 19.

U.S. crude gained 5.2 percent for the week, while Brent rose 5.4 percent.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia are scheduled to meet on May 25. They are expected to extend output cuts of 1.8 million barrels a day until the end of March 2018.