Oil Price Poised For Second Weekly Rise On Russia-led Supply Cut Talk

Global benchmark Brent crude futures soared on Friday, moving nearly eight per cent higher so far this week and set for a second weekly gain.

Oil price surged by hopes of a deal among oil-producing countries to tackle the supply glut.

Brent futures have leaped 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. (Reuters/NAN)