Brent oil increased 1.40% in the week ending March 3, over hopes of stronger demand in China, the world's largest oil-importing country.
International benchmark Brent crude was trading at $84.36 per barrel at 2.26 p.m. (11.26 GMT) on Friday, posting a 1.40% rise from the Monday session that opened at $83.19 a barrel.
The American benchmark West Texas Intermediate (WTI) registered at $77.89 per barrel at the same time on Friday, increasing 1.92% relative to the opening price of $76.42 a barrel on Monday.
Oil prices rose at the start of the week, as demand surged ahead of the release of fresh economic data from China, the world's second largest crude consumer.
On Wednesday, the Purchasing Managers' Index (PMI) for China revealed better-than-expected industrial data. In February, China's PMI, an indicator of the economic health of the manufacturing sector, rose to 52%, the highest since April 2012.
The data raised positive oil market sentiment and encouraged crude oil purchases.
Although fears of further interest rate hikes dampened global oil demand and kept price increases in check, China's positive economic growth data drove prices higher.
Inflationary concerns in the US, the world's largest oil consumer, continued to weigh on oil prices. Productivity in the non-farm business sector in the US increased by 1.7% in the fourth quarter of last year, falling short of expectations.
The possibility of the US Federal Reserve raising rates again in July gained traction.
Price increases were also slowed by expectations that the European Central Bank would continue to raise interest rates in 2024. The European Central Bank is expected to raise interest rates by mid-March and again in May, according to Bank President Christine Lagard on Thursday.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr