Black commodity trading regained support towards the end of the week, rebounding from a 6 -week low recorded on Thursday.
Brent crude futures rebounded at $ 82 a barrel, climbing back above the $ 80 price level. Meanwhile, US WTI trading was up around $ 79 a barrel.
Earlier, both benchmarks declined significantly due to concerns over the action the United States would take to lower its oil prices.
The Joe Biden administration has reportedly asked the world’s major oil consumers, China and Japan to consider the release of adjusted oil reserves to bring down prices.
However, market worries eased after analysts thought the move would only have a limited impact on the oil market.
According to analysts, the crude oil market will remain plagued by supply shortages and any amount withdrawn from reserves is unlikely to upset the global balance.
This caused prices to rise again, as well as supported by the depreciation of the US dollar.
Moreover, data showing Saudi Arabia’s oil exports hit an eight-month high in September with gains for the fifth consecutive month, also helped strengthen prices.
