Investing.com - U.S. oil futures rose to one-month highs on Friday, supported news of ongoing discussions over a potential production cut, but gains were expected to remain limited by as concerns over a global supply glut persisted.
U.S. crude futures for April delivery were last at a one-month high of $33.41 a barrel, up 0.94%.
On the ICE Futures Exchange in London, the April Brent contract jumped 1.16% to $35.72 a barrel.
Oil prices regained some ground on Friday, following reports Saudi Arabia, Qatar, Venezuela and Russia will meet in March to discuss capping crude oil production.
The rise in prices did not last however, as concerns over a global supply glut persisted. Weekly stockpile data released on Wednesday showed that U.S. oil inventories rose to an all-time high last week.
Meanwhile, Brent prices were believed to be driven higher by short positions being closed ahead of the April contract’s expiry next week.
Oil futures are down nearly 70% since the summer of 2014. Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by OPEC last year not to cut production in order to defend market share.