Oil set for second weekly gain on Russia-led supply cut talk

Global benchmark Brent crude futures rose on Friday, moving nearly eight per cent higher so far this week and set for a second weekly gain.

Oil was spurred by hopes of a deal among oil-producing countries to tackle the supply glut.

Brent futures have jumped 28 per cent since hitting an intra-day low of $27.10 dollars a barrel on January 20 and up to its January 28 high of $35.84.

Brent had risen 82 cents to $34.71 a barrel, after ending up 79 cents and is heading for its fourth straight session of gains.

US crude climbed 84 cents to $34.06 dollars a barrel, having settled up 92 cents.

US crude is also set for almost six per cent weekly gain.