Oil up 88% to Record Biggest Monthly Gain in History

Oil prices turned higher by more than 5 percent when settling transactions on Friday, after drilling rig data, to record the largest monthly gain ever by more than 88 percent.

Baker Hughes data revealed the closure of 15 oil exploration platforms in the United States this week.

A Reuters survey showed that OPEC production fell sharply this month to the lowest level in nearly two decades.

Black gold was down more than 3 percent during trading after weekly US stockpile data showed a lackluster demand for fuel in the world's largest oil consumer.

Oil has also been negatively affected by the worsening tensions between the United States and China, which are pressing global financial markets.

U.S. crude achieved sharp gains of 88.3 percent this month, recording the largest monthly gain in its history with measures to reopen the economy and record cuts in oil production by OPEC and the allies.

The Nymex also recorded a weekly gain of 6.7 percent for the fifth consecutive week.

Upon settlement, the price of Brent crude for July delivery, rose by about 5.3 percent, to record $ 35.49 a barrel, after recording the level of $ 32.36 a barrel during the session.

By the end of today's trading, the price of US NYMEX crude futures for July delivery increased marginally by about 0.06 percent to $ 35.31 a barrel after falling to $ 34.06 during trading.