ANKARA
The price of Brent crude, an international benchmark for oil, climbed above $60 per barrel on Friday.
It was the first time the Brent hit that level since Dec. 29, after some OPEC members slashed their sales prices to Asian clients.
The price of Brent crude fell to $53.09 per barrel on Wednesday, losing more than 10 percent since Monday, before climbing back to close at $59.11 per barrel on Thursday with a gain of 11 percent in two days.
The American benchmark, West Texas Intermediate, came back from $48.11 on Wednesday to $50 per barrel on Thursday, finally trading above $52 a barrel on Friday.
Reductions in supply account for the price rebound, analysts said.
In the U.S., shale oil producer Apache said on Thursday it will cut production this year. French energy giant Total, on Thursday, announced investment and job cuts.
And Royal Dutch Shell warned that supplies are becoming tighter.
Shell Chief Executive Ben van Beurden said on Thursday that oil demand will outpace supply growth this year.
In addition, the International Energy Agency said in its monthly report on Feb. 10 that global supply fell by 240,000 barrels per day to 94.1 million barrels in January due to lower than expected global production.
The sudden price climb also came after the U.S. dollar, of which the oil prices are indexed to, weakened against other major currencies.
