Oil prices rose for a second day on Friday, set for their sixth week of gains, after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through next month.

U.S. inflation remains too high, although recent readings showing price pressures have eased notably were welcome, Richmond Federal Reserve President Thomas Barkin said on Thursday.

China's central bank governor pledged on Thursday to guide more financial resources towards the private economy, suggesting refreshed urgency from Beijing to bolster the confidence among private firms as economic momentum weakens.

China's Zhengzhou city has launched measures to support its property market, including easing home resale restrictions, in what analysts said were the first such moves by a big city heeding signals from policymakers.

China's central bank will flexibly use policy tools to ensure reasonably ample liquidity in the banking system, an official said at a news conference on Friday, as investors looked for more signs of Beijing's resolve to bolster a faltering economy.

Major central banks are tentatively eyeing the end of aggressive interest rate hikes as price pressures finally show signs of abating.