Oil prices rose over 2 percent on Friday after calls from Saudi Arabia and Russia for OPEC+ members to join output cuts.
Benchmark Brent crude futures jumped 2.3 percent to $75.75 a barrel, while WTI crude futures were up 2.3 percent at $70.93.
Prices rebounded after Saudi Arabia and Russia, the world's two biggest oil-exporting countries, on Thursday urged all OPEC+ powers to join an output cut agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy,
"In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the OPEC+ countries in enhancing the stability of global oil markets," said the statement released by the Kremlin.
Despite today's rebound, oil prices still headed towards their seventh consecutive weekly decline amid concerns about a global supply glut and weak demand from the world's top crude importer China.
Markets also keep an eye on a key U.S. jobs report, due later in the day for important clues on the Fed's rate trajectory.
