Oil prices inched up in early Asian trading on Friday, with Brent continuing to hover near its highest in 27 months, buoyed by comments from Saudi Arabia's Crown Prince backing the extension of OPEC-led output cuts. International benchmark Brent crude futures were up 9 cents at $59.39 a barrel at 0046 GMT, or 0.15 percent, from their last close, the highest close since July 3, 2015. U.S. West Texas Intermediate (WTI) crude futures were up 4 cents, or 0.08 percent, at $52.68 per barrel.

Saudi Arabia's Crown Prince Mohammad bin Salman told Reuters on Thursday that the kingdom would support the extending the output cut deal in a bid to stabilise oil demand and supply.

Get More Trading Tips Click Here>> Equity Trading Tips.