Brent crude futures for November rose 95 cents, or 1.07 percent, to $89.44 a barrel by 09:48 GMT.
December futures rose 81 cents to $87.99 a barrel.
US West Texas crude futures rose 72 cents, or 0.89 percent, to $81.95 a barrel.
Both Brent and West Texas rose more than 1% earlier in the session, and are heading for weekly gains of about 4%, which is their first weekly rise since August, after recording the lowest levels in 9 months during the past days.
Oil prices rose, supported by the dollar’s decline earlier in the week from its highest levels in 20 years.
The decline in the dollar makes oil denominated in the US currency cheaper for holders of other currencies, which improves demand.
Analysts also expect the volume of purchases to increase as Russia prepares to annex four Ukrainian regions to it, on Friday, in a move that could prompt Washington to tighten sanctions on Moscow.
The market received new support from the possibility that the Organization of Petroleum Exporting Countries (OPEC) and its allies will cut production quotas at their meeting to be held on the fifth of October.
Analysts expect production cuts as demand concerns related to a possible global economic recession and higher interest rates weighed on crude oil prices.
Brent and West Texas Intermediate prices are likely to end the third quarter with a significant drop of 23 percent.
#reasons #oil #heading #achieve #weekly #rise #weeks