Oil prices rose on Friday, rebounding from two days of declines as Wall Street rose on strong U.S. jobs data, while investors also grew hopeful that a planned meeting between U.S. President Donald Trump and North Korea's Kim Jong Un could ease geopolitical tensions.
Trump said he was prepared to meet Kim in what would be the first face-to-face encounter between leaders from the two countries and could mark a breakthrough in a standoff over the North's nuclear weapons. Kim also has committed to suspending further nuclear or missile tests.
Wall Street jumped after U.S. payrolls data showed strong job additions in February. The S&P 500 index was last up more than 1 percent, while the Nasdaq Composite index hit a record high, further supporting oil prices. Crude futures and stock indices have recently moved in tandem.
The jobs report "speaks to strong, underlying economic conditions, and growth, which includes increased energy demand," said John Kilduff, partner at investment manager Again Capital in New York.