Oil closes positive for second session

Oil drilling rigs

Oil prices turned higher at closing today, Feb. 6, as the geopolitical tensions in the Middle East continued to weigh on investor sentiment. Data from Baker Hughes showed that the number of oil exploration rigs globally rose by 45 to 1,784 rigs in January.

Brent crude for April delivery rose 0.75%, or 60 cents, to close at $78.59 per barrel, after touching $77.65 during trading.

WTI crude for March delivery increased by 0.75%, or 53 cents, to $73.31 a barrel, after an earlier decline to $72.38.

Secretary-General of the OPEC said that the call to stop investments in fossil fuels puts energy security at risk, adding that there is global consensus that demand for oil will continue to rise. Investments in the sector are necessary to meet future demand in countries such as India, he added.

The American Petroleum Institute's report on oil inventories is expected to be issued later today, and the US Energy Information Administration is scheduled to issue official data on inventories on Feb. 7, amid expectations that crude inventories will rise by 1.7 million barrels.