Oil set for second weekly gain on Russia-led supply cut talk

30 January 2016, Lagos – Global benchmark Brent crude futures rose on Friday, moving nearly eight per cent higher so far this week and set for a second weekly gain.

crude oil prices1Oil was spurred by hopes of a deal among oil-producing countries to tackle the supply glut.

Brent futures have jumped 28 per cent since hitting an intra-day low of 27.10 dollars a barrel on Jan. 20 and up to its Jan. 28 high of 35.84 dollars.

 Brent had risen 82 cents to 34.71 dollars a barrel, after ending up 79 cents and is heading for its fourth straight session of gains.

U.S. crude climbed 84 cents to 34.06 dollars a barrel, having settled up 92 cents.

U.S. crude is also set for almost six per cent weekly gain.

 

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