Investing.com – WTI crude oil prices notched a second straight weekly win after settling nearly 2% higher on Friday despite data showing the number of U.S. oil rigs resumed their advance, pointing to a potential uptick in U.S. oil output.
On the New York Mercantile Exchange crude futures for April delivery rose $1.16 to settle at $62.41 a barrel, while on London's Intercontinental Exchange, Brent rose 1.01% to trade at $66.13 a barrel.
The number of oil rigs operating in the U.S. rose by four to 800, according to data from energy services firm Baker Hughes.
That failed, however, to weigh oil prices as investors continued to focus on geopolitical uncertainties that could disrupt global supplies, boosting oil prices.
“You’ve got a lot going on, on the world stage,” Tamar Essner, an analyst at Nasdaq Inc. in New York, told Bloomberg by telephone. “The more unexpected elements of this week’s developments were on the macro, international, geopolitical front. We are setting ourselves up for a little volatility ahead.”
The more than 2% surge on Friday, however, caught many by surprise, who were at loss to explain the exact reason for the surge. Some, however, speculated that the move higher was on speculation Saudi Arabia is threatening to acquire nuclear weapons to counter the perceived Iranian threat.
Media reports said a "60 Minutes" news segment with Saudi Arabia's Crown Prince Mohammed bin Salman set to air Sunday, would show the Prince is in favor of obtaining nukes if Iran developed its own.
The strong end to the week for oil prices comes as traders mulled over several bearish reports this week from OPEC, the International Energy Agency and Energy Information Administration warning that U.S. production was set to ramp up in the coming months.
U.S. oil output hit a record last week rising to 10.38 million barrels per day, according to the Energy Information Administration.