Crude oil continued its recovery mode Friday amid rising trend in Indian equities. Asian markets edged on Friday after an extensive rebound by US stocks overnight in a volatile session.
Brent crude oil was up 2.26%, at USD 53.34 a barrel while US WTI crude futures, were at USD 45.62 per barrel, up 2.26%.
Due worries about the supply glut, Oil prices declined to their lowest in more than one year on Thursday.
Meantime, Asian stocks edged higher on Friday after U.S. shares extended gains for a second consecutive day.
Earlier this month, the OPEC and its partners including Russia, agreed to limit output by 1.2 million barrel per day starting in January in a bid to clear a supply hang over and prop up prices.
As per latest forecast, Crude Oil prices continue its Volatility in 2019 and could stabilize at an average of USD 55 to USD 65 per barrel in 2019.