Oil rose above $42 a barrel on Friday, hitting its highest this year and extending a rally into a fourth week on expectations of a production freeze by major exporters.
Brent crude’s front-month contract LCOc1 was up at $42.44 a barrel, while US crude CLc1 gained 84 cents to $41.04 a barrel after rising as high as $41.13.
The benchmark had jumped by 4.5 per cent to close the previous session at $40.20.
Oil prices have surged by more than 50 per cent from 12-year lows reached in December.
The rise is bolstered as the Organisation of Petroleum Exporting Countries floated the idea of a production freeze, boosting brent from about $27 and U.S. crude from around $26.