On Thursday, oil prices increased, rising from almost four-month lows as investors continued to be cautious about a downturn in the world's demand for crude oil, particularly in light of some concerning signs from many large economies.

Brent futures edged up by 0.5% to $80.11 per barrel, meanwhile gold futures added 0.8% to $75.90 per barrel.

This week saw a significant decline in crude prices, with Brent briefly trading below the crucial $80 per barrel threshold as it seemed that a number of factors were conspiring against the oil markets.

According to data from the American Petroleum Institute (API), the week ending November 3 marked the largest weekly rise in U.S. oil stockpiles since February, totaling over 11 million barrels.

According to data from the American Petroleum Institute (API), the week ending November 3 marked the largest weekly rise in U.S. oil stockpiles since February, totaling over 11 million barrels.

Oil prices were negatively impacted by the dollar's strength, which increased following a series of hawkish comments from Federal Reserve officials. This was because markets anticipated that high interest rates would further slow down economic development.