Oil trades above $48

Oil was headed for its biggest weekly jump since March amid speculation major producers will act to freeze output. U.S. crude is back in a bull market and trading above $48 a barrel, less than three weeks after it sank into a bear market. West Texas Intermediate crude was little changed at $48.22 a barrel in New York, after surging 16 percent over the last six sessions. Russia indicated this week that it is open to discussing an output freeze after Saudi Arabia’s energy minister said that informal talks among major producers next month may lead to action to stabilize the market. A deal to cap production was proposed in February but a meeting in April ended with no accord.

The Stoxx Europe 600 Index fell for the fifth time in six days, while more shares declined than rose on the MSCI Asia Pacific Index. All 19 industry groups fell on the Stoxx Europe 600 Index, which dropped 0.6 percent.

The MSCI Asia Pacific Index was down 0.2 percent and has lost 0.6 percent since ending last week at a one-year high. Japan’s Topix index gained 0.4 percent, capping a weekly loss of 2.1 percent, and Hong Kong’s Hang Seng Index retreated 0.2 percent from its highest close since October.

S&P 500 Index futures were 0.1 percent lower after the U.S. benchmark advanced 0.2 percent on Thursday to close just shy of an all-time high.