Abu dhabi: Oil prices rose on Friday, but Brent crude remained on track for a weekly loss of nearly 8 percent amid continued market volatility. Brent crude futures gained 66 cents, or 0.8 percent, to US$80.38 a barrel, while US West Texas Intermediate (WTI) crude rose 94 cents, or 1.2 percent, to US$77.54 a barrel.

According to Emirates News Agency, despite the gains on Friday, the week saw significant fluctuations in the oil market, affecting Brent crude's overall performance. The market volatility has been attributed to various factors impacting global oil supply and demand.

Brent crude's performance over the week has been closely monitored by market analysts, who are evaluating the broader implications of its nearly 8 percent weekly loss. This development comes amid a backdrop of economic uncertainties and fluctuating global demand, which continue to influence oil prices.

The rebound in oil prices on Friday provided some relief to traders, but the weekly loss underscores ongoing concerns in the energy market. The situation remains dynamic, with stakeholders closely watching for any shifts in market conditions or geopolitical factors that could further affect oil prices.