Crude Oil prices set for one of the biggest weekly rises in 2016

Oil prices rose in Asian trade on Friday, setting crude futures on course for one of their biggest weekly gains this year, as sentiment has become more upbeat despite ongoing oversupply.

International benchmark Brent crude futures were trading at $45.09 per barrel at 0054 GMT, up more than half a dollar from their last settlement.

U.S. West Texas Intermediate (WTI) crude was up 52 cents at $43.70 a barrel.

With Brent up 8 percent since Monday and WTI 12 percent higher since April 18, this week is set for some of the steepest price rallies so far this year, and crude is up by more than two-thirds since its 2016 lows between January and February.