Oil prices increased more than 1% during the week ending May 26 amid increased demand projections ahead of the summer driving season.
International benchmark Brent crude was trading at $76.83 per barrel at 2.15 p.m. (1115 GMT) on Friday, posting a 1.58% jump from the Monday session that opened at $75.63 a barrel.
The American benchmark West Texas Intermediate (WTI) registered at $72.55 per barrel at the same time on Friday, rising 1.18% relative to the opening price of $71.70 a barrel on Monday.
Prices increased due to higher seasonal demand expectations. As half of the world enters the busiest travel season in the summer, demand for fuel is anticipated to rise.
The OPEC+ group's decision to cut output by 1.2 million barrels per day as of May raised concerns about weakening oil supply in the second half of the year, pushing prices higher.
The US' intentions to buy oil for its strategic oil reserves also contributed to the upbeat market mood. The US' declaration last week that it will buy up to 3 million barrels of crude oil for its strategic oil reserves, with delivery scheduled for August, continues to be a driver of price rises.
Analysts expect an oil supply deficit in June following the full implementation of OPEC+ production cuts, coupled with a further increase in demand in the summer season.
Asian countries are projected to lead most of the growth in oil demand, with a forecast consumption increase of about 2 million barrels per day in the second half of the year.
Prices rose this week on supply concerns, as Saudi Arabia's Energy Minister Abdulaziz bin Salman warned short sellers on Tuesday of the increased possibility of OPEC intervening in the oil market to boost prices.
Additionally, data showing a decrease in US commercial crude oil inventories supported the upward price movement.
Inventories fell by 12.5 million barrels to 455.2 million barrels during the week ending May 19, against the American Petroleum Institute's expectation of a drop of 6.7 million barrels, the US Energy Information Administration said mid-week.
The fall in oil inventories signals a rise in demand in the world's largest oil consumer.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr