Attention now turns to the OPEC+ meeting on June 4.
The US Senate passed the debt ceiling bill Thursday night, averting a catastrophic default that would have rattled financial markets.
Meanwhile, the International Air Transport Association reported continued growth in the airline industry, with international air travel up 48% in April on a year-on-year basis, to 90.5% of pre-coronavirus levels.
On the other hand, data from Baker Hughes revealed that oil rigs in the United States fell for the fifth consecutive week, as they fell by 15 rigs to 555 rigs this week, the lowest level since April 2022.
The number of oil rigs worldwide – an early indicator of future production – fell by 25 to 1,783 in May on a monthly basis.
price movement
Brent crude futures rose $1.85, or 2.5%, to $76.13 a barrel on settlement on Friday, and US West Texas Intermediate crude futures rose 1 $.64, or 2.3%, to $71.74 at settlement, according to Reuters data.
During the week, both contracts fell more than 1%, their first weekly loss in three weeks, with Brent crude posting losses of around 1.1%, while US crude contracts fell by 1.3%.
And U.S. jobs rose more than expected in May, but lower wage growth could allow the U.S. central bank to skip an expected interest rate hike this month for the first time ever. a year, which could support the demand for oil.
Oil traders will be watching the June 4 meeting of the OPEC+ alliance, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia.
The group had announced in April a sudden voluntary production cut of 1.16 million barrels per day, but the price gains from the cut have faded and crude oil is currently trading below pre-cut levels.
Two OPEC+ sources told Reuters on Friday that the alliance was discussing possible options for its next meeting, including the possibility of announcing an additional cut of around one million barrels per day.
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