Although oil prices rebounded from a nearly six-month low on Friday, they were still expected to conclude the week lower due to a combination of disappointing production cuts, ample supply in the United States, and concerns about dwindling demand.

Brent crude advanced by 1% to $74.81 per barrel, meanwhile US WTI rose by 1% to $70.28 per barrel.

The world's top crude importer had a four-month low in oil imports in November, according to data released this week, which further dampened morale.

The reading spiked worries about the nation's declining demand for crude, particularly in light of the country's steadily rising oil inventories this year. It also followed a string of mediocre economic reports for November that indicated the nation's ongoing fragility.

Nevertheless, the greenback’s recent decline has helped to moderately lower oil prices. The statistics indicated persistent weakness in the labor market, which is a major determinant of the trajectory of U.S. interest rates, and this caused the greenback to plunge dramatically on Thursday.

With nonfarm payrolls figures anticipated later in the day, markets were now looking for fresh clues about the state of the US economy. However, while a slowing labor market makes raising interest rates less likely, it also suggests that the US economy is weakening, which would reduce demand for oil.