Oil prices rose on Friday by over $1 on Friday, where Brent crude futures were up $1.10, or 1.42%, at $78.69 a barrel, while U.S. West Texas Intermediate crude futures rose $1.45, or 2.01%, to $73.64, according to Reuters.
Both benchmarks are on track to end the first week of the year higher, having recouped losses from Thursday that were triggered by hefty increases in U.S. gasoline and distillate stocks.