International benchmark Brent crude traded at $80.32 per barrel at 0757GMT on Monday while the American benchmark West Texas Intermediate (WTI) saw prices of $69.79 per barrel.
Brent crude traded at $80.10 per barrel at 1158GMT on Friday, while WTI saw prices of $69.22 per barrel.
Last week, the number of oil drilling rigs in the U.S saw a weekly increase of four to 873, according to oilfield services company Baker Hughes data released on Friday.
However, despite the possibility of ramped up production in the U.S., the upcoming Nov. 4 sanctions on the third-largest oil producer of the Organization of the Petroleum Exporting Countries (OPEC), Iran, is supporting the upward price trend in the global oil market.
Experts are debating whether oil producers, like Saudi Arabia, will be able to fully replace volumes resulting from anticipated Iranian disruptions.
Market experts also contend that oil demand will decrease while prices may decline as trade tensions between the U.S. and China continue to impair global economic growth.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr