Oil prices rose Friday, driven by hopes that major producers will agree to limit their output at an upcoming meeting.

Oil prices rose Friday, driven by hopes that major producers will agree to limit their output at an upcoming meeting.

Prices began jumping on Thursday after Venezuelan oil minister Eulogio Del Pino said his country was preparing to meet other producers in March to discuss ways to stabilize the market.

Analysts said that sentiment was helped also by data showing US durable goods orders increased 4.9 percent in January, indicating an improved economic outlook for the world's largest crude oil consumer.

Around 1215 GMT, the US benchmark West Texas Intermediate (WTI) for delivery in April was up 31 cents at $33.38 a barrel.

In London, Brent North Sea crude for April delivery gained 50 cents to $35.79 a barrel compared with Thursday's close.

Brent at one point reached a near one-month high at $36.17, while WTI hit its best level also since February 1 at $33.90.

Prices were higher "due to speculation that there would be some kind of agreement between the major oil producers to freeze production", IG market strategist Bernard Aw told AFP, adding that he doubted anything would materialize.

Prices have been extremely volatile in recent weeks on uncertainty over whether the Organization of Petroleum Exporting Countries will stop pumping at a pace that is outstripping demand.

Aw said Venezuela had been working hard to seal an agreement with fellow OPEC producers to trim their output, with the South American country's economy having been badly hurt by sliding prices.

OPEC heavyweight Saudi Arabia, along with Venezuela, Qatar and non-OPEC producer Russia, last week announced a preliminary deal to freeze output at January levels, but only if other major producers followed suit.

But Iran has reacted coldly to the plan and is ramping up production after nuclear-linked Western economic sanctions were recently lifted.