Oil prices held their peak prices on an upward trajectory for the fourth week in a row and are nearing their highest level since late April. It is the result of increased demand for fuel in the summer and the concern of some supply sites.
Brent crude oil futures have risen 7% over the past four weeks to $87.12 a barrel. Meanwhile, West Texas Intermediate (WTI) rose 9% since early June to $84.11 per barrel.
Oil rose this week on expectations of strong summer demand in the United States as the world's top oil consumer.
The US Energy Information Administration (EIA) reported inventories at a massive 12.2 million barrels last week compared to analysts' expectations of 700,000 barrels.
U.S. data on Wednesday showed that first-time applications for unemployment benefits rose last week while the number of unemployed also rose.
This has the potential to accelerate interest rate cuts by the Federal Reserve (Fed) and support the oil market.
On the supply side, Russian oil producers Rosneft and Lukoil opened a new tab that will cut oil exports sharply from the output of the Black Sea port of Novorossiisk in July.
Meanwhile, Saudi Arabia's Aramco cut the price of Arab Light crude oil marketed to Asia in August to $1.80 per barrel.
Investors will now focus their attention on the Gaza conflict, the French and United Kingdom elections.
