LONDON (Reuters) – Benchmark Brent crude oil futures climbed to as high as $34.91 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.
Brent crude LCOc1 futures were up 12.9%, or $3.9, at $33.83 a barrel by 1321 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record. It closed up 21%.
U.S. West Texas Intermediate (WTI) crude CLc1 rose 8.8%, or $2.23, to $27.55 after jumping 24.7% on Thursday.
OPEC and its allies are working on a deal for an unprecedented production cut equivalent to about 10% of global supply, an OPEC source said.
Oil prices slumped 65% in the first quarter on a demand slump caused by the global coronavirus outbreak and moves by Russia and Saudi Arabia to flood the market after their failure last