Oil hit its highest level for the year on Friday with Brent crude rising above $60 a barrel, as eurozone economic growth exceeded expectations and data showed another drop in the U.S. oil rig count.
The number of rigs drilling for oil in the United States fell by 84 this week to 1,056—the lowest since August 201—a Baker Hughes survey showed on Friday, a clear sign of the pressure that tumbling crude prices have put on oil producers.
Many analysts and traders believe there is a global oversupply of nearly two million barrels per day in crude oil. They say little has changed fundamentally to explain the rally of the past two weeks.
Even so, oil prices have marched higher. Brent rose over 3 percent in Friday's session, about 6 percent on the week and nearly 16 percent on the month. Gains heightened after its front-month contract switched on Thursday at a premium.