Oil prices rose on Friday at the start of trading, driven by fears of supply shortages, heading towards recording gains for the fourth consecutive month, the longest streak of increases since July.
Brent crude futures recorded an increase of about $1.83, equivalent to 1.59%, reaching $116.71 per barrel, while West Texas Intermediate crude rose by $1.41, or 1.38%, to $103.41 per barrel.
On a monthly basis, Brent crude is on track to achieve gains of nearly 15%, while U.S. crude is expected to rise by about 16%, finishing the month above $100 per barrel for the first time since April.
These increases come amid ongoing concerns about global oil supplies, as markets await developments that could affect production and export activities.