Oil rallied again on Friday, with benchmark Brent crude having its largest two-week gain in 17 years, as falling oil rig counts and violence in producer Libya helped further stall a selloff that began in June.
Crude prices have risen nearly 20 per cent over the past six sessions, but remain about 50 per cent below their peak from the middle of last year due to worries of a global oil glut.
Brent futures posted a 9 per cent gain on the week, their biggest since 2011, and 19 per cent over two weeks, the largest since 1998.
US crude oil futures have seen daily price swings of up to 9 per cent since last week as bulls and bears squared off positions on mixed signals about crude supplies.
The two-week volume in Brent was at a record high of about 3 million contracts, Reuters data showed.
Brent settled up $1.23, or 2.2 per cent, on the day at $57.80 a barrel. US crude closed up $1.21, or 2.4 per cent, at $51.69.
Aside from the rig count data, the market was bolstered by fighting across Libya.
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