Oil prices rose in light volumes on Friday, steadying near their highest levels since 2015 on pledges from major oil producers that any exit from crude output cuts would be gradual.
Brent crude futures LCOc1, the international benchmark for oil prices, ended the session up 35 cents at $65.25 a barrel, its highest close since June 2015.
US West Texas Intermediate crude futures CLc1 settled 11 cents higher at $58.47 a barrel. WTI has also been touching values not seen since mid-2015 over the past two months, reports Reuters.
Both contracts settled one hour early due to the upcoming Christmas holiday. Market liquidity was also drying up on Friday as traders closed positions ahead of the Christmas and New Year breaks.
About 280,000 front-month US crude futures changed hands while front-month Brent crude futures saw the lowest trade volumes in about seven months, excluding expiration days.
Oil prices have recovered in the past year on the back of oil production cuts by OPEC, Russia and other producers, helping reduce the global inventory overhang.
Russian Energy Minister Alexander Novak said OPEC and Russia would exit cuts smoothly, possibly extending curbs in some form to avoid creating any new surplus.
Saudi Energy Minister Khalid al-Falih said it was premature to discuss changes to the pact on supply cuts as market rebalancing was unlikely to happen until the second half of 2018.
The OPEC-led pact to withhold supplies started in January this year. The producer group and its allies last month extended the agreement until the end of next year.
Analysts said crude output in the United States C-OUT-T-EIA, fast approaching 10 million bpd, would be a drag on prices in the longer term.