Mubasher: Oil futures settled higher on Friday, losing 6.8% for the week.

June Nymex WTI rose $0.72, or 1.2%, to close at $58.63 per barrel. 

The Organization of the Petroleum Exporting Countries (OPEC) led supply restraints since the beginning of this year, with the aim of clearing a market glut and shoring up prices.

Adding to that, US sanctions on OPEC members Iran’s and Venezuela’s outbound crude shipments would further tighten supplies.