Australia's battered energy players have received a welcome lift with oil prices surging more than 10 per cent.
But analysts say the the price rally is likely to run out of steam because of a fundamental global oversupply because of increased output from OPEC countries and US shale producers.
Shares in some of the major energy producers posted gains of more than five per cent on Friday after US oil prices rose above $US40 a barrel, thanks to the US economy expanding at a better than expected annual rate of 3.7 per cent.
CMC Markets analyst Rick Spooner said the oil price rally could continue, but prices above $US40 a barrel would not be maintained in the short-term.
"It's affected oil stocks today as some people have been waiting for the market to show signs of moving in the right direction, and as soon as it has the buyers have come in," Mr Spooner said.
"I wouldn't be surprised to see a corrective rally.
"What happens to the US dollar will have a bearing, but the oil market is oversupplied and until we get some tangible signs of production cuts the market is going to be vulnerable to further selling."
Strong gains among some of the nation's biggest oil and gas companies could be lost next week, he said.
Oil Search shares gained 5.9 per cent to $6.77, Santos added 5.6 per cent to $5.30, Origin Energy rose 4.8 per cent to $8.53 and Woodside Petroleum was 1.8 per cent higher at $32.05.
BHP Billiton, which has significant oil and gas interests, added 5.9 per cent to $25.49.
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