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Oil gains nearly 1%, posts third straight month of gains

Oil prices rose on Friday and finished the month higher, benefiting from news that U.S. oil output cuts in May were the largest on record.

Brent crude was up 24 cents, or 0.7%, at $43.18 a barrel. On Thursday, Brent closed 1.9% down after touching its lowest level since July 10.

West Texas Intermediate crude futures gained 35 cents, or 0.88%, to settle at $40.27 per barrel, after dropping 3.3% in the previous session.

U.S. crude oil production plummeted in May, falling a record 2 million barrels per day to 10 million bpd, the U.S. Energy Information Administration said in a monthly report on Friday.

Reference: CNBC