Oil Hits 2016 High on Output-Freeze Hopes

US crude (CLc1) was up 3 cents at $40.23 barrel at 0653 GMT, after rising to as much as $40.55 - higher than the previous peak of $40.36 reached on Thursday. The benchmark had surged 4.5 percent to close at $40.20 in the prior session.

Brent crude's front-month contract (LCOc1) was up 2 cents at $41.56 per barrel and earlier rose to $41.71, a new high for the year. It finished up $1.21 at $41.54 a barrel on Thursday, according to Reuters.

Oil prices have surged more than 50 percent from 12-year lows since the Organization of the Petroleum Exporting Countries (OPEC) floated the idea of a production freeze, boosting Brent from about $27 and US crude from around $26.

US oil is heading for a fifth week of gains, while Brent is on course for a fourth weekly increase, the longest rising streak in about a year for both benchmarks.

OPEC kingpin Saudi Arabia and non-OPEC producers led by Russia will meet on April 17 in the Qatar capital Doha, aiming for the first global supply deal in 15 years.