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After posting losses in the previous two sessions, oil futures recovered and closed higher on Thursday, lifted by likely drop in supply levels due to OPEC+ production cuts and continued attacks by Ukraine on Russian oil facilities.
Oil prices moved higher on Monday amid concerns about supply disruptions after Ukraine continued to attack Russian refineries, and Moscow's directive to cut outputs to be in line with OPEC+ targets.
Despite the extension of OPEC+ production cuts, OPEC saw its oil production rise by more than 200,000 bpd in February.
Oil prices started the week in the red as concerns about Chinese demand outweighed any geopolitical risk or supply cuts.
Oil prices are set to end the week with a modest gain as analysts expect OPEC+ to extend its production cap deal, a move that would further tighten supply.