Oil prices rallied around 2 percent in volatile trading on Friday as growing supply outages outweighed fears of a global economic slowdown.
Brent crude futures jumped 2 percent to $111.20 a barrel, while WTI crude futures were up 1.8 percent at $107.63.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Thursday said that they would stick to a previously plan of gradual production increases despite calls for bigger increases to rein in crude prices.
The producer group agreed to ratify the policy for August that was set in place at the last meeting, in early June. The cartel's post-August policy is now expected to be discussed by alliance ministers at their next meeting on Aug. 3.
Meanwhile, members of the Lederne labour union representing Norwegian oil workers will go on strike from July 5, the union said on Thursday, likely shutting about 4 percent of Norway's oil production.
