Oil prices rise, extend weekly gains

Oil prices rose, hitting the highest level in five months

Oil prices rose on Friday, after Brent crude added 4% in the previous session, hitting its highest level in five months as rising tensions in the Middle East fueled concerns over supply disruptions.

On a weekly basis, Brent futures are on track for a third consecutive weekly gain, Reuters reported.

In Libya, the Chairman of the National Oil Corporation told Reuters on Thursday that a valve was closed on a pipeline linking the Hamada and Tahara fields to the Zawiya port, leading to lower output at both fields.

Markets are awaiting the release of US oil and gas rig count data from Baker Hughes later today to assess the outlook for US supplies.

Investors are also watching for PMI data for the services and manufacturing sectors in the US, Eurozone, and the UK, which are scheduled for release later today, to gauge energy demand prospects from major global economies.