U.S. blunt for March delivery was up 16 cents, or 0.3 percent, at $61.50 a barrel by 0200 GMT, after quiet up 74 cents on Thursday. For the week, the contract has risen nearly 4 percent after dissipating nearly 10 percent last week.
Brent crude was up 26 cents, or 0.4 percent, at $64.59 after negotiating down 3 cents. Brent is up nearly 3 percent for the week after lacking more than 8 percent last week.
“Oil is getting support from a return in global stock markets and a weak dollar, but the upside is limited due to a extension for rising U.S. production,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Examination and Consulting in Tokyo. “The market is quiet due to a slew of holidays in Asia.”
The dollar languished near a three-year low against a basket of currencies on Friday, noddled for its biggest weekly loss in two years. A weaker dollar often boosts bounties for oil and other dollar-denominated commodities.
Asian shares extended their rally from two-month lows into a fifth day on Friday as Wall Passage’s market volatility gauge fell, although Chinese and most Southeast Asian pecuniary markets were closed for the Lunar New Year holiday.
Oil producers led by Saudi Arabia and Russia aim to postal order an agreement on a long-term alliance by the end of this year, United Arab Emirates verve minister Suhail al-Mazroui said on Thursday. OPEC and non-OPEC growers including Russia have been restraining production by a total 1.8 million barrels per day in a bid to prop up values under a deal that is to expire at the end of 2018.
The move comes at a time when Asian cry out for is on the rise. India imported a record 4.93 million bpd in January to victual its expanded refining capacity and meet rising demand, data registered.
Oil won support earlier in the week after Saudi Energy Minister Khalid al-Falih communicated OPEC hopes to keep limiting crude output to leave the store tight.
However, surging U.S. production is offsetting OPEC’s efforts to check supplies. U.S. crude output hit a record 10.27 million barrels per day after week, the Energy Information Administration (EIA) said on Wednesday, making it a gianter producer than Saudi Arabia.