U.S. crude stocks jumped Movement.up.gain by 1.350 million barrels in the week to Feb. 7 to 438.9 million barrels , beating analysts ' expectations for an upsurge Movement.up.gain of 1.33 m barrel , data from industry group the American Petroleum Institute showed .

Elsewhere , gasoline futures were unchanged Movement.flat at $ 1.747 a gallon , while natural gas futures jumped Movement.up.gain 3.30 % to $ 2.843 per million British thermal units .

Prices for oil traded in London jumped Movement.up.gain above $ 78 a barrel on Monday after U.S. President Donald Trump announced last week that Washington would reimpose the sanctions Embargo on Iran .

Oil futures jumped Movement.up.gain more than 4 percent on Friday as China reported its lowest level Position.low daily number of new coronavirus cases since Monday , stoking investor hopes that fuel demand growth in the world 's second-largest oil consumer may begin to grow Grow.strong from the epidemic .

Crude oil futures jumped Movement.up.gain on Wednesday on signs of shrinking Movement.down.loss U.S. oil production , distress Slow.weak in the dollar and clashes Geopolitical.tension in the Middle East , particularly United States .

The rising Movement.up.gain rig count points to further increases Movement.up.gain in U.S. crude production , which has already jumped Movement.up.gain by a quarter since mid-2016 to a record 10.54 million barrels per day -LRB- bpd -RRB- .

Investing.com - Oil prices settled lower Movement.down.loss on Friday after data showed the U.S. rig count jumped Movement.up.gain double digits this week , suggesting crude drillers in the world 's largest producing country were adding Movement.up.gain to output despite a questionable Slow.weak demand outlook amid the coronavirus pandemic .

Last week , oil finished higher Movement.up.gain on Friday , boosted Cause.movement.up.gain by signs of rising Movement.up.gain crude demand in China , but prices failed to avoid a weekly loss Movement.down.loss amid concerns Negative_sentiment over rising Movement.up.gain production in the U.S. Meanwhile , February Brent crude futures , the benchmark for oil prices outside the U.S. , jumped Movement.up.gain $ 1.20 , or roughly 1.9 % , to settle at $ 63.40 a barrel by close of trade .