On Friday, oil prices continued to rise as the likelihood of decreased Russian supplies countered rising US inventories and worries about the state of the world economy.

Brent crude futures edged up by 0.78% to $82.85 per barrel post climbing over $1 while WTI jumped by 0.78%, to $75.98.

The two main gauges wrapped up the earlier session nearly 2% higher due to Russia's plans to reduce oil shipments from its western ports by as much as 25% in March, which went above and beyond its previously announced production cuts of 500,000 barrels per day.

According to data from the U.S. Energy Information Administration, U.S. crude stockpiles increased by 7.6 million barrels to roughly 479 million barrels in the week ending February 17.

On the supply side, JP Morgan project that OPEC may trim production to restrain the drop in oil prices.

Predictions hover around more upcoming rate hikes which shored up the dollar, as solid greenback make the oil more high-priced for non-dollar holders.