While corporate earnings for the crude oil sector have given cause for optimism, Covid-19 cases are likely to continue to surge which may test the nerves of investors over the coming week.
For the last week, Brent gained 0.7 percent after declining for three consecutive weeks, and closed at $74.10 per barrel, while WTI rose 0.4 percent after falling for two weeks and closed at $72.07 per barrel.
The price for Opec Basket was recorded at $69.93 a barrel, Arab Light was available at $69.33 a barrel while the price of Russian Sokol reached $68.84 a barrel, all three showing declining trends.
The US crude inventories rose by 2.1 million barrels last week, while US oil rigs rose seven to 387 this week, their highest since April 2020.
Oil prices bounced back strongly after a rocky start to the last week. OPEC+ struck a deal to slowly ramp up production each month by 400,000 with a view to erase all cuts by the end of next year.