Oil prices increased during the week ending Nov. 4, supported by the declining value of the US dollar and fears of tightening supply amid looming EU sanctions on Russian crude set to start on Dec. 5.
International benchmark Brent crude traded at $97.61 per barrel at 3.15 p.m. local time (1215 GMT) on Friday for a 3.36% increase from the opening price on Monday of $94.43 a barrel.
American benchmark West Texas Intermediate (WTI), trading at $91.35 per barrel at the same time, saw a 3.34% rise compared to Monday's opening at $88.39 a barrel.
Investor concerns over tightening supply in advance of the impending EU restrictions on Russian oil shipments helped to support prices.
The forecast for China's economic development deteriorated on Monday from its pandemic policy, which led to a slow economic recovery and decreased fuel demand.
Tuesday saw prices increase with the much-anticipated US Federal Reserve meeting which led to a weaker US dollar.
The declining value of US dollar encouraged other currency users to purchase more crude oil at lower prices and pushed prices higher towards at end of the week.
US interest rates increased and the dollar strengthened amid growing recessionary concerns on Wednesday. The Fed increased interest rates by 75 basis points for the fourth consecutive time to the highest level in 14 years.
Fed chairman Jerome Powell said it was too early to consider a pause in interest rate hikes and that the final level of interest rates could be higher than expected.
Following the Fed decision and the stronger dollar on Thursday, the rise in oil prices was curtailed. A stronger dollar lowers demand by making oil more expensive for customers who pay with foreign currencies.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr