Mubasher: Oil prices rose on Friday, amidst a recovery by global stocks markets, however, American crude settled 4% down for the week.

Mubasher: The number of active oil drilling rigs in the United States rose this week for the first time in four weeks, as shown by the data of the Baker Hughes.

Oil rigs count in the week ending 12 Octover rose by 8 to a total of 869, recording the biggest increase since mid-August.

Fears regarding an undersupply persist despite positive comments from OPEC and the IEA.

Nymex futures for November delivery rose by 0.5% to $71.34 per barrel, but failed to recover from its weekly losses that reached 4%.