Oil prices rose at the close of trading yesterday, Friday, after declining during the session, recording slight gains.
Brent crude futures rose 25 cents (0.39%) to $63.63 per barrel, while US West Texas Intermediate crude rose 32 cents (0.54%) to $59.75 per barrel.
However, the two crude oil prices are heading for a weekly loss of about 2% with increased production from major global producers.
This increase comes at a time when the US Energy Information Administration reported on Wednesday that crude inventories rose more than expected as a result of increased imports and a decline in refining activity, with gasoline and distillate inventories declining.
