Crude oil to rise on a weekly basis

WTI crude oil futures were hovering around $76.3 per barrel on Friday, but they rose weekly for the first time in 5 weeks in response to good results in US employment statistics easing concerns about the US recession.

Also, in response to the assassination of the Hamas leader in Tehran last week, there is a possibility that Iran will launch a retaliatory attack on Israel will escalate the Middle East conflict and raise concerns about oil supplies in the region.

Meanwhile, Qatar, Egypt, and the United States are calling on Israel and Hamas to resume cease-fire negotiations.

Supply concerns have further increased due to turmoil at the Sharalah oil field, which is Libya's largest oil field, and an unusual attack on Russia by Ukraine.

Also, the fact that EIA's weekly crude oil inventory declined more than expected and reached a low level for the first time in 6 months also underpinned crude oil prices.