Oil Maintains Gains for Fourth Week in Row

Oil prices rebounded on Friday, with crude futures recovering on the back of positive expectations for demand recovery despite the U.S. Dollar (USD) surge after the hawkish change in tone by the Federal Reserve.

Brent crude futures for August delivery increased by 43 cents, or 0.6%, and closed at the level of $73.51 per barrel, extending its weekly rise to 1.13%,

Meanwhile, the West Texas Intermediate (WTI) crude futures for July delivery added 60 cents, or 0.8%, to finish at $71.64 per, gaining 1.03% for the week.

Both the global and U.S. benchmark crudes have extended their rising rally to the fourth week in a row.

Earlier today, data by Baker Hughes showed that the number of active rigs drilling for crude oil in the United States increased by eight to 373 this week, while natural gas rigs increased by a single rig, bringing the total rig count to 470.