Energy stocks climb in Asia after Brent crude hits two-year high

Shares in oil producers lifted in Asia trading on Friday as the price of oil edged higher from a more than two-year high hit overnight.

The S&P/ASX 200 Energy index was up 0.7 per cent in Sydney while the broader S&P/ASX index was flat. Beach Energy and Origin Energy among the biggest gainers up 2.4 per cent and 1.8 per cent respectively. Santos and Woodside Petroleum each added 0.7 per cent.

Oil continued to gain on Friday with Brent crude up 0.2 per cent at $59.42 a barrel. The international benchmark settled on Thursday in New York at a 27-month high of $59.30, up 1.5 per cent on the day.

The marker was buoyed as comments from Saudi Arabia earlier in the week kept alive speculation on an extension to supply cuts by Opec and non-Opec producers.

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