International Benchmark Brent crude traded at $77.73 per barrel at 14.37 GMT+2 on Friday while American benchmark West Texas Intermediate (WTI) saw prices of $66.48 per barrel.
At the beginning of the week on Monday, Brent crude traded at $75.27 per barrel at 09.23 GMT+2 while WTI saw prices of $66.31 per barrel.
Brent crude oil price gained as much as 3.3 percent on Wednesday amid reports that OPEC and non-OPEC countries may extend their production cut agreement until the end of this year.
After closing Tuesday at $75.39 per barrel, the price of the international benchmark rose to as high as $77.92 a barrel at for a gain of 3.35 percent.
WTI climbed to as high as $68.47 a barrel on Wednesday, after closing Tuesday at $66.73 per barrel, posting a daily gain of 2.6 percent.
The U.S.' crude oil production increased for the 19th time in the last 20 weeks, according to the country's Energy Information Administration (EIA) data released on Thursday.
Crude oil output rose by 44,000 barrels per day (bpd) to reach a new record high level of 10.77 million bpd for the week ending May 25, the data showed.
Production of crude oil rose by 24,000 bpd from the previous week in the state of Alaska, and 20,000 bpd from other states during the same period, the data showed.
The U.S.' crude oil production is expected to average 10.7 million bpd this year, and 11.9 million bpd next year, according to the EIA's Short-Term Energy Outlook for May.
In addition, the number of oil rigs in the U.S. increased by 15 this week, according to oilfield services company Baker Hughes data released on last Friday.
The data showed that the oil rig count in the country rose to 859 for the week ending May 25, from 844 during the previous week.
Oil production cuts in Venezuela and the reimposition of U.S.' sanctions on Iran have further supported the upward trend in crude prices.
On May 8, U.S. President Donald Trump announced the U.S. withdrawal from the nuclear deal between Iran and world powers known as the JCPOA, and the re-imposition of sanctions against Iran.
On Thursday, Iran's Oil Minister Bijan Zangeneh called for the head of OPEC to include an agenda item in July’s meeting to support members targeted by sanctions, Shana reported.
According to the report of the ministry's news agency, Zangeneh made the request in a letter sent to Suhail Mohammed Al Mazrouei, UAE minister of energy and industry, and the president of the OPEC to include the agenda item in the July 22 conference in Vienna, Austria.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr