Oil futures rose on Friday to the highest in nearly a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains.
Brent crude was up 28 cents, or 0.5 percent, at $52.79 at 0630 GMT. The contract earlier rose to the highest since April 21 and is on track for a nearly 4 percent climb this week, its second week of gains.
U.S. crude oil was up 29 cents, or 0.6 percent, at $49.64 a barrel, highest since April 26. The contract is also heading for a weekly increase of almost 4 percent.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all.Â You could lose all of your deposited funds.