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Crude oil futures settled sharply higher on Friday on continued optimism about higher fuel demand from China, and on Russia's move to reduce oil output next month.
West Texas Intermediate Crude oil futures for March ended higher by $1.66 or about 2.1% at $79.72 a barrel.
WTI crude futures gained about 9% in the week.
Brent Crude futures settled at $86.39 a barrel today, gaining $1.89 or about 2.2%. Brent futures gained about 8% in the week.
Russia has announced that it would cut oil output by 500,000 barrels per day in March. Ahead of announcement of the decision, Russia's Deputy Prime Minister Alexander Novak warned that there was risk of lower oil production this year.
Novak said the risk was due to the EU import bans and the price caps on Russian crude and petroleum products.
Novak said the output reduction move "will contribute to the restoration of market relations."
Hopes for strong fuel demand recovery in China, the world's top oil importer, also supported prices and offset fears of a looming recession in the United States.
A report from Baker Hughes said the number of active U.S. rigs drilling for oil rose by 10 to 609 this week. The total rig count, which includes those drilling for natural gas, also climbed by 2 to 761, the report said.
