International benchmark Brent crude traded at $78.45 per barrel at 07.09 GMT on Monday while American benchmark West Texas Intermediate (WTI) saw prices of $73.67 per barrel.
Brent crude cost $78.81 per barrel at 10.38 GMT on Friday while WTI saw prices of $73.31 per barrel.
On Saturday, the White House said in a statement that King Salman bin Abdulaziz affirmed that Saudi Arabia has 2 million barrels a day of spare production capacity.
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Brent Crude Hits $69 per Barrel, Its Highest Since 2015
Oil Prices Respond to Trump’s Move on Iran With Surge
U.S. President Donald Trump said in a twitter statement that he spoke to King Salman of Saudi Arabia to encourage Saudi Arabia to ramp up production.
"I explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference...Prices too high! He has agreed!," he said.
Meanwhile, the number of oil rigs in the U.S. decreased for the second week in a row by four for week ending June 29, according to oilfield services company Baker Hughes data on Friday. This brought the total number of oil rigs in the U.S. to 858.
Crude oil inventories in the U.S. posted a steep decline last week, falling at a rate of almost four times below the estimated level, according to the country's Energy Information Administration (EIA) data revealed on Wednesday.
Commercial crude oil stocks were down 9.9 million barrels, or 2.3 percent, to 416.6 million barrels for the week ending June 22. The market expectation was a decline of 2.6 million barrels. Commercial stocks decreased by 5.9 million barrels during the previous week.
By Gulsen Cagatay
