International benchmark Brent crude oil price climbed above $62 per barrel on Friday, and has continued to hover around its highest level since July 2015.
Price of Brent crude reached as high as $62.10 a barrel at 1825 GMT, gaining 1.9 percent after closing at $60.92 per barrel on Thursday.
American benchmark West Texas Intermediate traded at $55.63 per barrel with a 2 percent daily increase.
The sudden jump in crude prices came after a decline in the number of oil rigs in the U.S., which is an indication of the well-being of the country's oil industry.
A total of eight oil rigs were taken offline last week in the U.S., oilfield services company Baker Hughes announced earlier.
Oil prices are on the rise since last week as the production cut agreement between OPEC and non-OPEC countries remain in focus.
The world's largest crude oil exporter Saudi Arabia said last week that it supports extending the deal beyond March 2018 deadline to trim the oversupply in the global market.
Russia, the world's biggest crude oil producer, said it would support extending the agreement.
By Ovunc Kutlu in New York
Anadolu Agency
ovunc.kutlu@aa.com.tr