Oil prices are rising again, despite the withdrawal of strategic stocks

Oil prices rose 2% on Friday, but recorded the second weekly decline, in a row, following countries announced their intention to withdraw quantities of crude oil from their strategic stocks.

Brent crude futures rose at the close of $2.20, or 2.19%, to $102.78 a barrel.

US West Texas Intermediate crude futures rose $2.23 to $98.26.

International Energy Agency member states will withdraw 60 million barrels in the next six months, with the United States announcing in March that it would withdraw 180 million barrels from its strategic stockpile.