Brent crude rises above $32 on hopes of oil output deal - Reuters:
Benchmark Brent crude oil futures rose as high as $33.37 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.
Brent crude LCOc1 futures were up 8.9%, or $2.67, at $32.61 a barrel by 1134 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record. It closed 21% up, still about half the $66 at which it was trading at the end of 2019.
U.S. West Texas Intermediate (WTI) crude CLc1 also returned to positive territory, rising 4.4%, or $1.11, to $26.43 after advancing by 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 after U.S. President Donald Trump called on oil-producing nations to stop the price slide.
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