Oil rose on Friday, edging closer to new 17-month highs as producers showed signs of adhering to a global deal to reduce output.
Oil producers including Kuwait, Saudi Arabia, and Abu Dhabi, who are members of the Organization of the Petroleum Exporting Countries (OPEC), have notified customers that they would cut supplies from January as part of an effort by OPEC and other producers led by Russia to balance an oversupplied market.
Brent crude oil futures were trading at $55.19 per barrel up $1.17, or 2.2 percent, at 2:39 p.m. ET (1939 GMT).
U.S. West Texas Intermediate (WTI) crude settled up $1, or 2 percent, at $51.90 per barrel.
"The petroleum markets are extending their recovery from Thursday's low as some confidence in planned production cuts returns to the market," Tim Evans, Citi Futures' energy futures specialist, said in a note.