Oil prices hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.

Oil was also supported as U.S. stock markets hit record highs on signs of progress towards more economic stimulus, while a closely watched jobs report confirmed the labor market was stabilizing.

Brent crude settled 0.85% higher at $59.34 per barrel. U.S. West Texas Intermediate crude settled 1.1% higher at $56.85 per barrel. The contract hit its highest level since Jan. 22, and posted its best week since October. CNBC

Other contents