Brent crude futures were recorded at $111.63 a barrel, up $2.60, or 2.4 percent, and West Texas Intermediate crude at the close of $108.43 a barrel, up $2.67, or 2.5 percent.
And the two crudes recorded about 70% and 77%, respectively, of trading volumes in the previous session before the July Fourth holiday in the United States.
Over the course of the week, Brent fell 1.3%, while WTI rose 0.8%, and both benchmarks ended June lower for the first time since November.
Prices rose on Friday, despite the release of industry data showing US manufacturing activity slowed more than expected last month.
However, lower supplies of crude oil and fuel supported the oil market even as stocks fell and the US dollar rose, which usually has an inverse relationship with crude oil.
Archyde.com calculations showed that the planned strike between Norwegian oil and gas workers on July 5 could reduce the country’s total oil production by about eight percent, or about 320,000 barrels of oil equivalent per day, unless a last-minute agreement is reached on wage demands. .
The Libyan National Oil Corporation announced in a statement Thursday the state of force majeure in the ports of Sidra and Ras Lanuf and the El Feel oil field.
It said that force majeure is still in force in the ports of Brega and Zueitina.
She stated that oil production fell sharply, as daily exports ranged between 365 thousand and 409,000 barrels per day, 865,000 barrels per day lower than production rates under “normal conditions.”
The OPEC+ producer group, which includes Russia, agreed on Thursday to stick to its production strategy after two days of meetings, and the group avoided discussing policy from September onwards.