Oil prices increased during the week ending Sept. 29 amid tight global supply concerns coupled with increased demand expectations.
International benchmark Brent crude traded at $94.03 per barrel at 2.33 p.m. (1133 GMT) on Friday, increasing by around 2.25% relative to the closing price of $91.96 a barrel on Friday last week.
West Texas Intermediate (WTI), the American benchmark, was trading at $92.81 a barrel at the same time on Friday, up 3.08% from last Friday's session, which closed at $90.03 per barrel.
The world's two largest oil producers, Russia and Saudi Arabia, have cut back on production, raising supply fears that have driven prices to their highest point this year.
Both countries have agreed to cut output by around 1.3 million barrels per day (bpd) until the end of the year.
Exacerbating supply concerns further, the Russian government announced plans last week to limit the export of gasoline and diesel fuel until fuel supplies and prices stabilize on the domestic market.
Although Russia's diesel and gasoline exports are less than the country's crude oil shipments, the export embargo before the winter and ongoing supply concerns have heightened market jitters.
The surge in demand in the US and China, the world's biggest oil consumers, also supported the upward price movement during the week.
The Energy Information Administration reported on Wednesday that US oil inventories decreased by about 2.2 million barrels compared to the American Petroleum Institute's expectation of an increase of about 1.6 million barrels.
The unexpected decline in inventories signals an upswing in demand in the US.
Furthermore, robust economic data from China, the world's top oil importer, is signaling rising demand and bolstering prices.
China's week-long autumn festival holiday that begins Friday is anticipated to drive fuel demand with an anticipated rise in the number of travelers over the holiday.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr