Oil climbs to highest in a year on U.S. growth optimism, crude supply restraint | Reuters

Oil climbs to highest in a year on U.S. growth optimism, crude supply restraint | Reuters

Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply.

Brent crude futures climbed 28 cents, or 0.5%, to $59.12 a barrel by 0730 GMT, after hitting a high of $59.41, its highest since Feb. 20 last year. Brent is on track to rise 6% this week.

U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.5%, to $56.52 a barrel, after touching a high of $56.84, its top since Jan. 22 last year. The benchmark contract is on track for a weekly gain of 8%.

“Rising confidence in an upturn in economic and oil demand recovery around the corner is a major impetus for crude,” said Vandana Hari, energy analyst at Vanda Insights.