Oil prices increased significantly, bolstered by positive job data from the U.S. and renewed trade talks between the U.S. and China.

Oil prices rose sharply, with Brent crude increasing by more than a dollar per barrel, marking the first weekly gain in three weeks. This increase was supported by a positive jobs report from the United States and the resumption of trade discussions between Washington and Beijing, enhancing hopes for growth in the world's two largest economies.

Brent crude futures settled $1.13 higher, or 1.73%, at $66.47 per barrel. Meanwhile, West Texas Intermediate (WTI) crude ended up $1.21, or 1.91%, at $64.58 per barrel.

On a weekly basis, both benchmark crudes achieved gains at settlement after having declined for two consecutive weeks. Brent rose by 2.75% since the beginning of the week, and WTI increased by 4.9%.

The U.S. Department of Labor's monthly employment report showed that the unemployment rate remained steady at 4.2% last month, with an increase of approximately 139,000 jobs in the non-farm sector in May, indicating a drop in labor demand.

The oil market has remained volatile recently, with the OPEC+ alliance agreeing last Saturday to raise production by 411,000 barrels per day in July.