Oil prices recorded $76.18 a barrel for the Brent crude futures contract at the settlement on Friday, and the US West Texas Intermediate crude futures recorded $74.05 a barrel.
International media reports stated that oil prices in global markets rose to their highest levels since October 2018, as prices were supported by expectations that demand growth will outpace supplies.
Oil prices also recorded their fifth consecutive weekly gain of more than 3%.
The OPEC Plus alliance will hold its meeting at the beginning of next July, to discuss further easing of production cuts, starting in August 2021.