Oil prices continued their ascent on Friday amid signs of supply cuts. Brent, the international benchmark, surged 4.1 per cent in recent trading to hit $58.23 a barrel. That equates to an 11.6 per cent rally this week, the highest since December 2016.

The oil market limped into 2019, after worries of a global supply glut sent prices swiftly tumbling into a bear market. Brent remains well below its high of nearly $87 a barrel, though prices have swung higher in recent sessions as traders reacted to data showing weaker Opec production and declining inventories.

Brent Crude Heads for Best Week in 2 Years | Devamı>>>