Oil prices jumped on Friday and posted a third week of gains as market sentiment turned more upbeat amid signs a global supply glut may be easing.
International benchmark Brent crude futures rose 59 cents to $45.12 per barrel, off a session peak of $45.90. U.S. West Texas Intermediate (WTI) crude settled 55 cents higher, or 1.3 percent, at $43.73, after rising as high as $44.45.
Brent gained about 5 percent this week and WTI nearly 9 percent. Crude is up more than two-thirds since its 2016 lows between January and February.
Strong gasoline consumption in the United States, increasing signs of declining production around the world, and oilfield outages have underpinned a return to investment in the sector, traders said.
"The current rally is driven by a market sentiment that is becoming more and more convinced that the worst is over and the global oil market rebalancing process is already in play," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.