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Bullishness on a trade deal between the US and China, and supply cuts resulting from US sanctions on Iran and Venezuela have sent prices higher.
A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a "challenge" for global oil markets.
Oil is set for its longest winning streak in 30 years as traders bask in improved US-China sentiment
Stock market wobbles have grabbed all the attention, but oil has had a stunning rally into the new year, helped by signs the trade war is thawing.
OPEC+ has agreed to cut production by 1.2 million barrels a day, reducing tensions around crude oil prices after days of fractious discussion in Vienna.
A geopolitical price war rages in the background of OPEC's summit between moderate cuts to production while appeasing President's Trump and Putin.
Brent Crude dropped below $60, down 1.6%, after data showed US inventories grew, while Russia indicated it has limited interest in cutting supply.
"It's not too long ago that people were talking about the prospect of $100 a barrel oil but that now feels like a distant memory," one analyst said.
Brent crude prices fell to multimonth lows Friday as concerns about supply fears caused by US sanctions on Iran waned.
"Without sounding like a broken record, Oil prices remain in the bulls' domain amid concern that US sanctions on Iranian crude oil exports will result in much tighter physical market conditions once they take effect in November," Stephen Innes, head of trading for Asia at OANDA said.
Airlines warned fuel prices were a growing threat, but it just became clear how terrible the situation has become
Delta Air Lines reported second-quarter 2018 profits of $1.025 billion on $11.775 billion in revenue. Even with record high revenues, the airline's profits fell by $161 million because of the extra $654 million it had to spend of fuel.