Oil prices increased during the week ending March 31, fueled by supply fears caused by the T眉rkiye-Iraq crude export dispute and a recovery in US crude demand.
International benchmark Brent crude was trading at $78.69 per barrel at 1.26 p.m. (1026 GMT) on Friday, posting a 4.9% rise from the Monday session that opened at $75 a barrel.
The American benchmark West Texas Intermediate (WTI) registered at $74.66 per barrel at the same time on Friday, increasing 7.5% relative to the opening price of $69.42 a barrel on Monday.
Prices rose amid supply disruption concerns caused by the ongoing international arbitration between T眉rkiye and Iraq over crude oil exports from northern Iraq.
Fears of supply disruptions were triggered following reports that claimed crude exports from Iraq's northern Kirkuk fields were halted after Iraq won an arbitration case against T眉rkiye.
Furthermore, data from the US indicating resurgent demand in the country pushed prices higher this week.
US commercial crude oil inventories decreased by 7.5 million barrels to 473.7 million barrels during the week ending March 24, according to data released by the Energy Information Administration (EIA) late Wednesday.
Inventories fell against the American Petroleum Institute's expectation of an increase of 187,000 barrels. The unexpected drop in oil inventories indicates a surge in demand in the world's largest oil consumer.
Prices recovered from last week's oil price drop following the easing of concerns over the US banking system.
St. Louis Fed President James Bullard stated last week that US regulators were prepared to take additional action in response to the sudden failure of multiple banks in the US, reducing the possibility of a crisis spillover effect.
The US Federal Deposit Insurance Corporation announced Monday that the First Citizens Bank agreed to buy SVB's deposits and loans, approximately $72 billion of the failed bank's assets, at a discount of $16.5 billion.
By Zeynep Beyza Kilic
Anadolu Agency