Crude oil futures settled slightly higher on Thursday, and posted gains for a third straight week, buoyed by the OPEC's decision to cut production.
Data showing larger than expected drop in U.S. crude inventories, gasoline and distillate stockpiles last week contributed as well to the rise in oil prices this week.
West Texas Intermediate Crude oil futures for May ended higher by $0.09 at $80.70 a barrel.
WTI crude futures gained more than 6% this week. There will be no trading on Friday as the market will remain closed for Good Friday holiday.
Brent crude futures were down slightly at $84.98 a barrel a little while ago.
Oil prices surged higher this week following the decision of the Organization of the Petroleum Exporting Countries, and allies including Russia on Sunday to cut crude production by an additional 1.16 million barrels from May till the end of 2023.
Data released by Energy Information Administration (EIA) on Wednesday showed crude inventories fell by 3.7 million barrels in the week ended March 31, implying an uptick in crude demand.
The data also showed gasoline and distillate stockpiles dropped by 4.1 million barrels and 3.6 million barrels, respectively last week.
According to the data released by Baker Hughes, oil rig count in the U.S. dropped by 2 to 590 last week, and gas rig count was down by 2 to 158.
