By Adam Rose
BEIJING (Reuters) - Benchmark Brent (brent.167)crude held above $59 on Friday, up more than 2 percent this week as news of deeper industry spending cuts and a sinking U.S. dollar revived buying.
Brent crude for April delivery was trading down 17 cents at $59.11 at 0232 GMT.
March Brent futures, which expired on Thursday, rose more than 4 percent to $57.05, following a 3-percent loss in the previous day's session.
U.S. crude futures were down 13 cents at $51.08, following similar swings.
Oil volatility has reached its highest level since the financial crisis, jolting traders who had been adjusting to a period of predictable declines following a near 60-percent crude crash between June and January.
The discount for West Texas Intermediate (WTI) versus Brent crude also expanded to around $7.17 a barrel intraday, the widest in five months, as U.S. oil tanks swelled.
French energy major Total on Thursday became the latest to announce investment and job cuts following a near-halving of oil prices since June.
The chief executive of Shell warned that supply might not be able to keep up with growing demand as companies slash budgets.
(Reporting by Adam Rose; Editing by Joseph Radford)
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