Oil prices rose by more than 1 per cent during Friday’s trading session, but they are heading towards their first weekly loss in 3 weeks amid monitoring the latest developments in the Middle East.

Crude prices were also affected by signs of a slowdown in demand in the US after data revealed a more than expected rise in oil inventories in America.

In terms of trading reported by the CNBC, Brent crude futures rose by about 1.29 per cent to $89.06 per barrel.

US crude contracts also rose by 1.29 per cent, recording $84.28 per barrel.

The two raw materials are heading towards recording their first weekly loss in 3 weeks after falling by more than two dollars in Thursday’s session.