WTI futures traded around $70.30 per barrel, as of 9 a.m. ET. That’s an increase of 0.90% in the last 24 hours.

Oil futures rose Thursday, gaining ground alongside global equities and other assets perceived as risky, a day after the Federal Reserve delivered a large interest-rate cut and set the stage for further easing of monetary policy.

Oil prices, which were little changed in early Asian trade on Friday, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles.