Oil Recovers Recent Losses as U.S. Pipeline Reopens

Oil prices finished higher on Friday, managing to register their third consecutive weekly rise.

A recent downstream disruption in the United States that resulted from an attack on the Colonial Pipeline, which led to fears about a drop in the demand for crude oil by refineries, appears to be at its end as the pipeline reopened on Wednesday.

The pipeline network provides nearly half of the gasoline supplies in the U.S. east coast.

Brent crude futures for July delivery rose by $1.66, or 2.5%, to close at $68.71 per barrel, turning to weekly gains of 0.6%.

Meanwhile, the U.S. West Texas Intermediate (WTI) June futures added $1.55, or 2.4%, to finish at $65.37 per barrel, rising by 0.7% on a weekly basis.