Oil prices record weekly gains of over 15%, Brent crosses $97

Oil prices rose nearly 4% on Oct. 7, amid concerns about crude supplies and global economic slowdown.

The US economy added 263,000 jobs in September, with the unemployment rate falling to 3.5%, compared to expectations of stabilizing at 3.7%, the US Department of Labor data showed.

The US Department of Energy announced that it released 10.2 million barrels of strategic oil reserves for eight companies, as part of a plan to control gasoline prices.

OPEC+ decided this week to reduce crude oil output by two million bpd amid concerns about global economic outlook.

The US drilling rig count declined two units to 602 in the week ended Oct. 7, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent crude futures for December delivery rose by nearly 3.7%, or $3.50, to $97.92 a barrel, recording weekly gains of 15%.

Meanwhile, US West Texas Intermediate (WTI) crude futures also leapt 4.7%, or $4.19 a barrel, to $92.64 a barrel, with weekly gains of 16.5%.