International benchmark Brent crude traded at $78.81 per barrel at 1038GMT on Friday while American benchmark West Texas Intermediate (WTI) saw prices of $73.31 per barrel.
Brent crude had started the week at $75.06 per barrel at 0744GMT on Monday with WTI seeing $68.42.
Crude oil inventories in the U.S. posted a steep decline last week, falling at a rate almost four times above the estimated level, according to the country's Energy Information Administration (EIA) data revealed on Wednesday.
Commercial crude oil stocks were down 9.9 million barrels, or 2.3 percent, to 416.6 million barrels in the week ending June 22. The market expectation was a decline of 2.6 million barrels. Commercial stocks had decreased by 5.9 million barrels in the previous week.
On Wednesday, WTI hit its highest level since 2014 amid the decline in U.S. crude stocks. WTI climbed 3.6 percent to $73.06 at 1700GMT, marking its highest level since Nov. 28, 2014.
Meanwhile, a legislation currently being debated in U.S. Congress could put pressure on the Organization of the Petroleum Exporting Countries (OPEC) if it is signed into law by President Donald Trump who has long been critical of the oil cartel's practices.
If the No Oil Producing and Exporting Cartels Act, or NOPEC, is signed into law, it would allow the U.S. to sue the OPEC for manipulating crude prices and global oil market that caused enormous damage for the American economy and consumers.
By Gulsen Cagatay