On Friday, oil prices increased by almost 2% as speculators closed large short positions ahead of the uncertain weekend and as Iraq expressed support for OPEC+'s oil curbs before meeting in two weeks.

Brent futures edged up by 1.8% at $81.43 a barrel, meanwhile US WTI added 1.9% at $77.17.

Nevertheless, prices ended the week with 4% weekly losses—their third consecutive week of declines.

Flynn said that Saudi Arabia and Russia agreed this week that they will maintain their reductions in oil output through the end of the year, in addition to the remarks made by Iraq.

According to energy services company Baker Hughes, the number of oil rigs in operation in the United States fell for the second consecutive week to its lowest level since January 2022. The number of rigs indicates future production.

This week's weak Chinese economic data heightened concerns about declining demand. China's refiners, who purchase the most petroleum from Saudi Arabia, the world's biggest exporter, have requested a reduction in supplies for December.

November saw a decline in consumer confidence in the US for the fourth consecutive month, but household inflation forecasts increased once more.

In line with Fed Chair Jerome Powell's remarks from Thursday, President Mary Daly of the U.S. Federal Reserve Bank of San Francisco stated that she is not yet ready to declare whether or not rate increases are over.

November 26 will see a meeting of OPEC+ and their allies, which includes Russia.