On Friday, oil prices advanced by more than 10% as Brent rose to $33.5 per barrel, while WTI gained to $29.7 per barrel. Oil prices continue to strengthen, despite weakness in Chinese import data. China's February oil imports plunged by 20% against January's data of 6.3 million barrels per day, recording a drop of 4.6% on the year-on-year basis.

The oil market is still under the effect of the statement made by U.A.E's energy minister about possible production cuts. Strong market reaction to these comments suggests that they have taken them seriously as the UAE is considered one of Saudi Arabia's close allies.

The drilling activity in the U.S. has declined as 28 active oil rigs were shut down last week. In the previous two weeks, the oil rig count has decreased by 59 and by more than 1,000 since 2015. The weekly production figures released by the U.S. Department of Energy are expected to show more declines.