Oil prices closed higher on Friday, after a robust week as lingering worries about the Middle East conflict continued to support a risk premium.

WTI edged up by 2.2% to $71.77 per barrel, while Brent crude ticked up by 2.1% to $75.96 per barrel.

Crude benchmarks were up more than 2% this week, regaining some of the significant losses incurred earlier in October.

A larger rebound in crude prices was restrained by data revealing a larger-than-anticipated increase in U.S. inventories, suggesting looser supply conditions in the world's largest fuel consumer.

A robust dollar also impacted crude prices, as persistent concerns about a slower rate of interest rate cuts by the Federal Reserve caused traders to favour the greenback.

Oil prices have pulled back from their weekly highs due to market fluctuations fueled by speculation regarding the Middle East conflict.

The recent decline in oil markets was primarily caused by worries about decreasing demand in China, the leading importer, despite some limited optimism from a range of stimulus measures implemented by the country.

Traders were underwhelmed by a lack of details from Beijing on the timing and scale of its planned measures, especially on the fiscal front.