Oil extended gains above $58 on Friday after climbing almost 4 per cent the previous day.
US crude futures for December rose 33 cents to $58.57 a barrel.
Oil is down almost $90 a barrel since its record of $147.27 in July, and touched $54.67 on Thursday, the lowest since January 30, 2007.
London Brent crude for January the new front-month, edged up 27 cents to $56.51 a barrel.
Image: A petrol pump attendant prepares to serve a customer at a petrol station in New Delhi. | Photograph: Manan Vatsyayana/AFP/Getty Images
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