Oil prices rose at the end of weekly trading, as oil prices jumped by about 4.1 percent, recovering from their lowest levels in four months recorded in the previous session, while receiving support amid investors ‘ profit-taking and US sanctions on some Russian oil shippers.
Brent crude futures rose 3.19 dollars, equivalent to about 4.1 percent to 80.61 dollars per barrel at settlement, and WTI crude rose 2.99 dollars, or 4.1 percent, to 75.89 dollars.
US oil producers have been cutting the number of rigs in operation for almost a year due to weak prices, but energy services company Baker Hughes said this week the number increased by six, the largest rise since February.
Analysts expect OPEC+, especially Saudi Arabia and Russia, to extend their voluntary cuts until 2024 as the group is due to consider whether to make further cuts in oil supplies when it meets later this month.
