Benchmark Brent crude oil futures rose as high as $33.37 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.

Brent crude futures were up 8.9 per cent, or $2.67, at $32.61 a barrel by 1134 GMT. Brent soared as much as 47 per cent on Thursday for its highest intraday percentage gain on record. It closed 21 per cent up, still about half the $66 at which it was trading at the end of 2019.

OPEC and its allies are working on a deal for an unprecedented production cut equivalent to about 10 per cent of global supply, an OPEC source said after US President Donald Trump called on oil-producing nations to stop the price slide.

Oil prices slumped 65 per cent in the first quarter on a demand slump caused by the global coronavirus outbreak and moves by Russia and Saudi Arabia to flood the market after their failure last month to extend much smaller OPEC+ supply cuts.

A meeting of OPEC and allies such as Russia has been scheduled for Monday, the Azerbaijan energy ministry said, but details on the distribution of production cuts were thin on the ground

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