On Thursday, crude oil gained 1.48% and climbed to $103.57 (an intraday high). Growing hope for a deal to extend funding of the U.S. government and concerns about supplies from Libya and the Middle East were two major factors, which pushed the price of crude oil higher.

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On Wednesday, crude oil lost 2% and dropped to $101.18 (an intraday low) as the largest weekly buildup of U.S. crude stocks in a year weighed on a market. Investors had been already concerned that Washington's budget impasse would curb demand in the world's biggest oil consumer, but this big build in supply caught them by surprise and sparked a selloff, pushing losses in light crude beyond $2 a barrel.

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On Tuesday, crude oil gained 0.38% and reached $104.08 (an intraday high) as geopolitical risk crept back into the markets, even as the U.S. dollar increased after a phone call between U.S. President Barack Obama and U.S. House Speaker John Boehner over the budget crisis.

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On Monday, crude oil dropped to $101.86 (an intraday low) as crude output in the Gulf of Mexico resumed after Tropical Storm Karen passed without any serious supply disruptions. Additionally, a government shutdown that entered its second week also pushed prices down by rising fears the impasses will affect confidence in the U.S. economy and slow recovery. However, the main worry for oil market investors is the shutdown will curb crude demand in the world's largest oil consumer, as federal workers are temporarily out of work.

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Despite this drop, oil bulls managed to hold the price of crude oil above $102 per barrel also on Friday. During the last session of the previous week, light crude gained 0.77% and reached $104.19 per barrel as energy companies in the Gulf of Mexico started shutting in production and were evacuating some workers as Tropical Storm Karen headed towards a crucial part of the basin.

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