The progress made between the US and China in talks over their trade war also strengthened the position.
Brent crude oil rose 2.6 per cent to settle at $66.25, a rise of $1.68, marking its highest price since November last year.
US WTI futures crude oil settled up 2.2 per cent, or $1.18, at $55.59 a barrel, hitting its highest this year.
Brent ended the week more then 6 per cent up, while WTI had also gained more than 5 per cent, thanks in part to the tightening supplies following the organisation of the petroleum exporting countries and its allies led by Russia started voluntary production cuts last month.
Leading OPEC producer Saudi Arabia said on Tuesday it would cut an additional half a million barrels per day in March more than it previously pledged.
While the sanctions on Venezuelan and Iranian crude, along with reduced Libyan output due to civil unrest, have further reduced global supply.
Additionally, there has been growing confidence that the US and China will resolve their trade dispute, with talks set to resume in Washington next week.