The Brent crude oil price climbed 8.3 percent in the last three days, as the Chinese stock market rebounded from a massive selloff, and Greek bailout talks saw progress.
The price of the global benchmark increased to $59.66 per barrel on Friday, bouncing back from $55.10 per barrel on Tuesday -- its lowest level in more than three months.
The sudden rise came as the Chinese stock market rebounded after falling 31 percent in less than a month. Chinese regulators took steps to limit the sale of shares by stockholders with more than 5 percent of a company.
The Index plunged 3,585 points on Tuesday, from 5,178 points on June 12; however it bounced back to 3,958 points on Friday, marking a 10 percent recovery.
"The Chineses stock market rebound has calmed the oil market," Thomas Pugh, a commodities economist at Capital Economics, a London-based independent research firm, told Anadolu Agency.
"Greece is still up in the air. Talks on Sunday would bring more certainty into the oil market," he added.
Dominic Haywood, a crude oil analyst for the London-based energy market consultancy Energy Aspects, said that the Chinese stock market rebound and Greece-EU talks are very important, while the oil market is also significant.
"Physical oil market factors are playing a significant role on oil prices as well," he said. "Demand is improving overall in the oil market."
According to the International Energy Agency's report published on Friday, global oil demand is forecast to increase to 94.2 million barrels per day in the third quarter, and to reach 95 million barrels a day in the fourth quarter of the year.
Crude oil demand wordwide totalled 93.5 million barrels per day and 93.1 million barrels per day on average in the first two quarters of the year respectively.
