Crude oil prices are on track for a more than 1.3% weekly gain on Friday as they rebounded from coronavirus-related low demand concerns, and from heightened supply risks from Libya.
International benchmark Brent crude was trading at $58.18 per barrel at 1310 GMT on Friday, en route for a 1.55% gain after opening Monday at $57.29 a barrel.
American benchmark West Texas Intermediate (WTI) was at $53.05 a barrel at the same time, and heading for a 1.35% increase after starting Monday at $52.34 per barrel.
This marked the second consecutive weekly gain for both benchmarks, after concerns over low demand in China and Asia in general re-emerged due to the spread of coronavirus.
This week, Brent climbed to as high as $60 per barrel on Thursday, while WTI soared to as much as $54.50 a barrel, to both mark their highest levels since Jan. 29, according to official data.
Much of the price increase this week came on Wednesday with both benchmarks jumping around 2.3% after the risk of secure supply from Libya intensified.
After missiles struck close to a highly explosive liquefied petroleum gas (LPG) tanker in the Tripoli port, Libya's National Oil Corporation (NOC) announced Tuesday that fuel vessels were urgently evacuated from the port and all offloading operations were cancelled.
With five oil-exporting ports in Libya remaining non-operational, the country has been brought to the brink of a complete production shutdown.
NOC Chairman Mustafa Sanalla said at the end of January that his country's oil production has fallen to 262,000 barrels per day (bpd) and could soon decline to as low as 72,000 bpd.
By Ovunc Kutlu