Oil market scores modest gains after turbulent January

Oil prices have made modest gains at the end of a turbulent January that pushed prices sharply lower amid worries about global glut.

US benchmark West Texas Intermediate (WTI) for delivery in March was traded on the New York Mercantile Exchange on Friday at $33.62 a barrel, up 40 cents,

In London, North Sea Brent for March rose 85 cents to $34.74.

The prices scored gains on the strength of speculation that Russia and the Organization of the Petroleum Exporting Countries (OPEC) plan a meeting to discuss oil output cuts to shore up prices.

The oil market has scored a second straight week of advances after having plunged to 12-year lows early this month.