Oil Scores Fourth Consecutive Monthly Rise

Oil prices finished higher on Friday, extending their weekly and monthly increases, amid expectations for tight supply over the coming months, with a recovery in the demand in the market.

Brent crude futures gained 28 cents, or 0.37%, to settle at $76.33 per barrel.

The global benchmark crude front-month contract added about 3% for the week and 1.60% in July.

The most active October futures registered a similar daily gain and finished the week at $75.41 a barrel.

Meanwhile, the West Texas Intermediate (WTI) futures added 33 cents or 0.45% to close at $73.95 a barrel.

The NYMEX crude futures added 2.61%, turning to a modest increase of 0.65% for the month, rising for the fourth month in a row.

It is the first time that oil prices have maintained an upwards trend for four consecutive months since February.

Earlier on Friday, data showed that the number of active rigs drilling for crude oil and natural gas in the United States declined by three to 488, with oil rigs decreasing by two to reach 385 this week, according to Baker Hughes.