Oil prices extended gains on Friday, as strong demand and geopolitical uncertainties have provided support to the market.
Analysts said booming global demand and geopolitical uncertainties in Africa boosted oil prices in this session.
But U.S. oil price still posted weekly loss amid concerns over rising production in the country.
On the economic front, the number of rigs operating in U.S. oil fields rose by two to a total of 751 rigs this week, while gas rigs remain unchanged at 180, according to oilfield service firm Baker Hughes’ weekly report released Friday.
The West Texas Intermediate for January delivery increased 67 U.S. cents to settle at 57.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery rose 1.20 dollars to close at 63.40 dollars a barrel on the London ICE Futures Exchange.