Both oil benchmarks have risen this year after the Organization of the Petroleum Exporting Countries and its allies, including Russian Federation, began to cut output to prevent a supply glut from growing.
Oil prices rose early on Friday, heading for a second weekly increase, driven up by optimism that the US and China will forge a trade deal and that OPEC's resolve to rebalance the market will outweigh soaring USA oil production.
Brent crude price reached a three-month high for week ending February 22 supported by the U.S. Federal Reserve's decision to pause rate hikes this year while pushing the American dollar lower.
(GRAPHIC: U.S. oil production & storage levels link: https://tmsnrt.rs/2Vanxza). Opec and some nonaffiliated producers such as Russian Federation agreed late past year to cut output by 1.2-million bpd to prevent a large supply overhang from growing.
"The U.S. -China trade talks boosted prices with the promise of higher energy demand if global growth gets back on track", said Alfonso Esparza, senior market analyst at OANDA.
The agency also said that USA crude stockpiles had built for a fifth straight week, climbing by 3.7 million barrels last week to 455 million barrels.
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-Oil prices pushed toward fresh three-month highs Friday, helped by a slightly weaker US dollar and global stock-market gains.
The main factor keeping oil prices from rising even further is soaring US output, which rose by more than 2 million bpd previous year to a record 11.9 million bpd.
At least in part offsetting that is surging US crude oil production, which reached 12 million bpd for the first time last week, the Energy Information Administration (EIA) said on Thursday.
Prices, however, remained just below 2019 peaks reached earlier this week as USA crude oil production hit a record 12 million barrels per day (bpd) and its exports also surged.
Brent climbed to as high as $67.69 per barrel on Friday while the price of WTI hit as high as $57.61 on Thursday, according to official data.
- Baker Hughes on Friday releases weekly data on the number of rigs drilling for oil in the U.S.
That means much will depend on demand, which Goldman said it expected to grow by 1.4 million bpd this year. Goldman said it expected an average Brent price of $60-$65 per barrel in 2019 and 2020.