Economy

Oil rose on Thursday and was on track for a third weekly gain as further production cuts targeted by OPEC+ and a drop in U.S. oil inventories overshadowed fears over global economic growth. Brent and U.S. crude have both gained more than 6% this week after the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a group known as OPEC+ - on Sunday pledged surprise production cuts. Limiting gains on Thursday, however, was weak U.S. economic data that raised concern over economic growth. The U.S. services sector slowed more than expected in March and U.S. job openings in February dropped to their lowest in nearly two years.