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Oil prices rallied with traders betting that China will further ease Covid restrictions and US government data showing crude stockpiles plummeted amid record export demand.

Oil rose in another volatile session as a deal expected to bring more Venezuelan crude to the market in the months ahead did little to assuage immediate concerns that the conflict in the Middle East will reduce supplies.

Oil rose as traders shrugged off President Joe Biden's remarks about taming energy prices.

Oil rallied for a third day to the highest level in more than a week, undaunted by the Federal Reserve's determination to fight inflation with a sustained policy of rate hikes.

Oil fell for a second consecutive week even as an earnings-driven rally on Wall Street pushed prices higher.

Oil bounced back on a stronger-than-expected US jobs report and plans to refill the Strategic Petroleum Reserve on Friday, but still closed out the longest weekly losing streak since late 2018 amid concern about an impending global glut.

Oil rose, bolstered by pockets of strength in physical crude markets, while traders weighed the potential for OPEC+ to extend its output cuts.

Oil inched higher in a choppy session as a traders weighed a hawkish rate outlook from central banks against positive signals from the world's largest economy.

Oil rose in a session marked by waning liquidity ahead of the holiday season, supported by a softer dollar and a potential boost in energy demand after China abandoned its Covid Zero policy.

Crude settled higher Thursday following an open that saw futures drop to 15-month lows, chasing the session a day earlier, where crude futures and oil stocks were roiled alongside a turbulent day for financial markets driven by banking fears.