Mubasher: Oil prices declined on Friday, but managed to end the week in gains, supported by geopolitical risks.

The weekly report of Baker Hughes showed that oil rigs in the United States remained unchanged at 844, and the data of the American Energy Information Agency (EIA) showed on Wednesday a drop in oil inventories that exceeded expectations.

Nymex futures levelled down 0.3% and settled at $71.28 per barrel, rising by 0.8% on the week.

On the other hand, brent crude rose 0.9% to the level of $78.52 a barrel, after exceeding the level of $80 two days ago, for the first time since November 2014.