Crude oil futures ended higher on Friday with investors weighing the possible impact of U.S. sanctions on Iran’s oil exports on crude supply in the market.
Oil was also supported by data showing refinery throughput in China rising to a record high of 12.49 million barrels per day in September, after some independent plants restarted operations.
Crude oil futures for November ended up $0.47, or 0.7%, at $69.12 a barrel. On Thursday, crude oil futures ended at a five-week low at $68.65 a barrel, losing $1.10, or 1.6%.
For the week, oil futures shed about 3.1%.
The sanctions on Iran’s oil exports come into force on November 4.
Meanwhile, U.S. politicians have spoken of sanctioning Saudi officials found culpable in the killing of U.S. journalist Jamal Khashoggi. The Saudi kingdom has stated that it would respond with greater action, if it receives any action from the U.S.
U.S. President Donald Trump said on Thursday that he presumes Khashoggi had likely been killed and that the U.S. response to Saudi Arabia will likely be very severe.
Oil prices tumbled in the previous two sessions, after data from the U.S. Energy Information Administration showed a much higher than expected increase in crude inventories last week. Traders were also speculating a likely drop in crude demand due to the ongoing trade disputes between the U.S. and China, and on concerns about the outlook for global economic growth.