Oil prices rise to highest in a year on U.S. growth optimism, crude supply restraint

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

U.S. West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.9 per cent, to $56.73 a barrel by 0210 GMT, after touching a high of $56.75, the most since Jan. 22 last year. The benchmark contract is on track for a weekly gain of nearly 9 per cent, which would be its biggest weekly gain since October