Oil markets rose on Friday, supported by OPEC-led supply cuts which are tightening the market as well as by strong demand.
Brent futures, the international benchmark for oil prices, were at $60.86 per barrel at 0524 GMT, up 24 cents, or 0.4 per cent, from their last close.
It has risen by 37 per cent since its low in 2017 reached last June, according to Reuters.
US West Texas Intermediate (WTI) crude was at $54.83 a barrel, up 29 cents, or 0.5 per cent, from the last close. WTI is 30 per cent above its 2017-low in June.
The bullish market sentiment has been fuelled this year by the major oil producers, to hold back 1.8 million barrels per day (bpd) in oil production to tighten markets.
While supplies are being withheld, oil demand is rising, especially in China, whose roughly 9 million bpd of imports has surpassed the United States as the world’s biggest crude importer.
Furthermore, global crude inventories, especially in the US, have drawn down as oil markets have been slightly undersupplied during the past quarters, although the outlook for next year is uncertain.
The pact to withhold supplies runs to March 2018, but there is growing consensus to extend the deal to cover all of next year.
Analysts say that without an extension of the cuts, a supply glut could re-emerge, especially due to rising US production.