London: Oil prices rose on Friday, climbing further from five-month lows hit this week amid signs that OPEC and other producers could extend their output reduction deal.
Brent crude futures were up 73 cents at $62.40 a barrel by 1211 GMT. US West Texas Intermediate (WTI) crude futures gained 53 cents to $53.12.
Oil prices jumped after Saudi Energy Minister Khalid al-Falih told a conference in St Petersburg, Russia, that $60 a barrel was too low to encourage investment in the industry. Crude later pared gains.
Falih said he did not want to boost Saudi production to make up for a lower oil price and that a return to the price-crash environment of 2014-15 was unacceptable.
