Oil prices rose more than 1% on Friday, climbing further away from five-month lows hit earlier in the week after a report that Washington could postpone trade tariffs on Mexico and amid signs that OPEC and other producers may extend their supply cuts.
Brent crude futures were up 79 cents, or 1.3%, at $62.46 a barrel by 0641. They gained 1.7% on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were up 65 cents, or 1.2%, at $53.24 per barrel. They finished the previous session 1.8% higher.
Brent and WTI on Wednesday hit their lowest marks since mid-January at $59.45 and $50.60, respectively, after U.S. crude output reached a record high and stockpiles climbed to their highest since July 2017.
That put both contracts in bear territory, having lost more than 20% from peaks reached in late April.
But on Thursday oil prices followed U.S. equities higher after Bloomberg News reported that the United States may delay tariffs on goods from Mexico as talks continue.
Source : Reuters