WASHINGTON (dpa-AFX) - After posting losses in the previous two sessions, oil prices rose sharply on Friday, amid worries about geopolitical tensions and potential disruptions to supply.
Uncertainty over the presidential election in the U.S. and the impact of the same on crude oil supply from the U.S. also weighed on sentiment.
Also, market participants are watching for potential output adjustments from OPEC+.
West Texas Intermediate Crude oil futures for December closed up $1.69 or about 2.3% at $71.78 a barrel.
WTI crude futures gained about 3.8% in the week.
Brent crude futures climbed to $76.05 a barrel, gaining $1.67 or about 2.25%.
Markets now await crucial interest rate decisions from three major central banks, including the Federal Reserve. The UK government's autumn budget is also in focus.
Meanwhile, U.S. and Israeli officials are set to restart talks for a ceasefire and the release of hostages in Gaza in the coming days.
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