Crude oil prices have fallen by around 60 percent from a peak in June 2014.

Oil price recovery extends

LONDON, August 28, 2015 – Crude oil futures continued to rise on Friday, complementing what was the biggest one-day rally in more than six years the day before, spurred by recovering equity markets and reports of weakened crude supplies.

West Texas Intermediate crude is set for its first weekly gain in nine weeks, which will put an end to its longest losing streak in almost 30 years. Meanwhile, Brent crude is bound for its first weekly gain in a fortnight.

Asian shares extended a global rally on Friday, after positive US economic data reassured investors. Chinese stocks rallied for the second day in a row, after a turbulent start to the week.

Brent crude for October delivery was up $0.69 to $48.25 per barrel, as of 6.15 am, GMT. In the previous session, it had risen by $4.42 to $47.56 per barrel. West Texas Intermediate was $0.65 higher at $43.21 per barrel, up by $3.96 to $42.56 per barrel in the previously session.