Oil prices rose after decline at end of previous session

Oil prices rose on Friday, ending the week with growth amid heightened tensions in the Middle East and Libya.

As Azernews reports with reference to Interfax, the cost of March futures for Brent crude oil on the London-based ICE Futures exchange was $77.79 per barrel.

This is $0.2 (0.26%) higher than at the close of previous trading.

Futures for WTI oil for February at the electronic trading of the New York Mercantile Exchange rose in price by $0.32 (0.41%) to $ 72.51 per barrel.

Since the beginning of this week, Brent has risen by 1%, WTI - by 1.2%. The rise in prices was fuelled by news about the death of almost a hundred people in explosions near the tomb of General Qassem Suleimani in Iran on the fourth anniversary of his death, as well as the protests in Libya, due to which oil production was stopped at the country's largest field "Ash-Sharara".

In addition, the market continues to monitor the situation in the Red Sea after the Yemeni Houthis attacked commercial vessels.

The US Department of Energy data released on Thursday showed a sharp rise in gasoline and distillate stocks in the country last week, which increased traders' concerns about the outlook for energy demand and led to a decline in oil prices at the end of trading on Thursday. Experts, however, note that year-end inventory data is more volatile than usual and less indicative.