Oil is on pace for its best week since April with Russia set to join Saudi Arabia in pumping out less crude

• Oil prices have climbed 6% this week, putting the commodity on pace for its best five-day stretch since April.
• Those gains have come with top producers pumping out less crude in a bid to drive up prices.

Oil benchmarks are on pace for its best week since April, with hints around the timing of long-expected supply cuts squeezing prices higher.

West Texas Intermediate has jumped 6% to nearly $85 a barrel over the past five days, while Brent is up 4% to just below $88 a barrel over the same period.

The gains have come with the world's top producers electing to pump out less crude in a bid to drive up prices.

Russia's Deputy Prime Minister said Thursday that the Moscow had agreed with its partners from the OPEC+ cartel that it would bring in further output cuts soon.

"We have agreed, but we'll announce main parameters next week," Alexander Novak told President Vladimir Putin in a televised government meeting.

Russia had said it would export 500,000 fewer barrels of crude a day in August and 300,000 less in September – and it could now extend those cuts into October, Novak added.

Meanwhile, the world's other top oil producer Saudi Arabia slashed its output by 1 million barrels a day back in July – and those cuts will likely last until the end of October, according to a recent survey of commodities traders and analysts.