Oil prices rose on Friday, strengthening after US rig data suggested drilling in the United States would throttle back.

The local share price index futures

rose 0.26 percent, or 16 points, to 5,955, a 4.9-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.5 percent on Friday.

New Zealand's benchmark S&P/NZX 50 index rose 0.057 percent in early trade.