Oil prices rise, record second weekly gains

Oil drilling rigs

Oil prices rose on Friday, achieving second weekly gains, amid market assessment of geopolitical tensions in the Middle East.

Brent crude futures for May delivery rose by 0.2%, or 16 cents, to $72.16 a barrel. Similarly, US WTI for May delivery increased 0.3%, or 21 cents, to $68.28 a barrel. Both contracts recorded weekly gains of 2.25% and 2%, respectively.

 The US drilling rig count decreased one unit to 486 in the week ended March 21, Baker Hughes energy services firm said.

Oil prices also received support from a new OPEC+ plan announced on March 20, in which seven member states agreed to make additional production cuts to compensate for exceeding agreed-upon output levels.