Oil Updates — Crude gains; Saudi says no oil discussion at US-Arab summit; Libya says full output to resume soon

RIYADH: Oil gained 2.5 percent on Friday after a US official told Reuters that an immediate Saudi oil output boost was not expected as investors question whether OPEC has the room to significantly ramp up crude production.

Brent crude futures settled at $101.16 a barrel, rising $2.06, or 2.1 percent, while West Texas Intermediate crude settled at $97.59 a barrel, gaining $1.81, or 1.9 percent.