International benchmark Brent crude traded at $74.50 per barrel at 11.55 GMT on Friday while American benchmark West Texas Intermediate (WTI) saw prices of $69.47 per barrel.
Brent crude traded at $74.47 per barrel at 07.24 GMT on Monday while American benchmark WTI saw prices of $69.53 per barrel.
In the week beginning July 23, global oil prices saw declines due to excess supplies in the global market.
However, following data released by the American Petroleum Institute (API) on Tuesday and the Energy Information Administration (EIA) on Wednesday, crude oil prices showed increases.
U.S. crude oil stocks fell by 3.2 million barrels to 407.6 million barrels last week, the API said.
According to the EIA, the U.S.' commercial crude oil inventories showed declines of 6.1 million barrels, or 1.5 percent, to 404.9 million barrels last week.
Moreover, crude oil prices continued to rise, following an announcement late Wednesday by the world's biggest oil exporter Saudi Arabia of its suspension of crude oil transfers through the Bab-El-Mandeb Strait after a Houthi-led attack on two of its oil tankers in Red Sea waters.
The easing of trade tensions between the U.S. and the EU after a meeting between U.S. President Donald Trump and European Commission President Jean-Claude Juncker on Wednesday saw the possibility for greater energy trade between the U.S. and the EU.
However, experts contend that U.S.-China trade tension will continue to suppress global oil prices in the short term.
By Firdevs Yuksel