Oil prices rose for a sixth day on Friday after Russia's oil minister said that global crude supplies were "not balanced yet," alleviating market concerns about a wind-down of the OPEC-led deal to reduce production.
Russian Energy Minister Alexander Novak said ministers from leading OPEC and non-OPEC producers will discuss the possibility of exiting the deal at a coming committee meeting, but said that "we see that the market surplus is decreasing, but the market is not completely balanced yet."
His comments boosted prices, which rebounded from earlier decline, though the market has not hit the heights it touched on Thursday, when Brent crude topped $70 a barrel for the first time since December 2014.
Brent crude futures rose 54 cents to $69.80 a barrel. U.S. West Texas Intermediate futures settled at $64.30 per barrel, notching a four week winning streak. WTI hit its strongest since late 2014 at $64.77 on Thursday.
U.S. oil rigs rose by 10 to 752 this week, the biggest increase since June and the first time drillers added rigs in five weeks, according to Baker Hughes. The total rig count rose to 752 in the week through Jan. 12, the most since September.