Oil prices have experienced significant fluctuations over the past week, influenced by various market factors and OPEC+ decisions. Despite a bearish market reaction to OPEC+ output plans, oil prices posted back-to-back gains as economic outlook worries faded. The West Texas Intermediate (WTI) crude settled 1.1% higher at $74.07, recovering from four-month lows of $72.82. Additionally, WTI rose to settle above $75 a barrel, driven by diminishing expectations that OPEC and its allies will allow the market to become oversupplied. However, crude prices are still approximately $1.50 per barrel lower than last week's close. Notably, oil rigs in the US fell to their lowest since January 2022, with oil rigs dropping to 492 and gas rigs to 98. WTI settled at $75.53, while Brent fell to $79.62. Overall, oil prices fell for the third consecutive week.