Oil prices recover ground on worries Suez blockage may take weeks to clear

Oil prices rose 1% on Friday on rising fears that the blockage in Suez Canal could take weeks to be cleared, which could squeeze refined products and crude supplies. 

U.S. West Texas Intermediate crude climbed 1.1%, or 65 cents, at $59.21 per barrel after dropping 4.3% on Thursday. 

Brent crude gained 0.9%, or 54 cents, at $62.49 per barrel following a 3.8% decline on Thursday. Both contracts were on course for a 3% loss this week after plunging over 6% last week. 

Almost 1.74 million bpd of crude go through the Suez Canal, not including the 1.54 million bpd of refined oil products like diesel fuel and gasoline. It makes up for nearly 9% of global seaborne product trade. 

Hopes that OPEC and its allies will carry out their production cuts to the next month also boosted prices.