Brent oil prices increased last week, supported by easing trade tensions and a temporary shutdown by Saudi Arabia of a key crude shipping lane.
In addition, oil prices fell on Friday, weighed down by a drop in the U.S. equities market.
Brent crude futures increase 1.8% last week, its first increase in four weeks.
U.S. West Texas Intermediate crude futures fell about 2.4%, its fourth week of declines.
U.S. stock markets dropped broadly on Friday, depressing oil prices.
Crude futures at times track with equities, Reuters noted.
A government report on Friday said the U.S. economy grew in the second quarter at its fastest pace in nearly four years.
“It’s a strong number that suggests strong energy demand into the end of the year,” said analyst Phil Flynn of Price Futures Group in Chicago, in comments to Reuters.
The U.S. Commodity Futures Trading Commission reported that hedge funds had cut their bullish wagers on U.S. crude on combined futures and options position in New York and London. The number of contracts, 412,289 in the week of July 24, was the lowest level since late June.
Russia energy minister Alexander Novak said the oil market remains volatile and the market had priced in risk related to U.S. sanctions against Iran.
He said the Organization of Petroleum Exporting Countries (OPEC) and its supporters were not discussing an option to boost production by more than 1 million barrels per day.
Last week, Saudi Arabia said it was suspending oil shipments through the Red Sea’s Bab-al-Mandeb strait, after Yemen’s Iran-aligned Houthis attacked two ships in the waterway that is a main shipping route for crude oil.
A surprise trade agreement last week between the U.S. and the European Union also supported oil prices.
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