The oil prices rose on Friday after a wave of losses earlier this week, as concerns of an economic recession impacting the demand for crude oil persisted.
By 01:31 EST USA, the futures for US crude oil, West Texas Intermediate (WTI), increased by 1.27% to $69.43 per barrel.
Similarly, the futures for Brent crude, the global benchmark, rose by 1.32% to $73.46 per barrel, according to data from Bloomberg.
Despite the recent increase, oil prices are heading towards weekly losses, with Brent crude down by 8.5% and US crude oil down by over 10%.
