Oil prices rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant.

Oil prices were roughly unchanged on Monday as concerns about global macroeconomic headwinds and possible further interest rate hikes from the US Federal Reserve offset forecasts of tighter supplies amid OPEC+ cuts.

Benchmark Brent crude futures for August delivery which expires on Friday, settled up 56 cents, or 0.8 per cent, at $74.90. In the three months to the end of June, the contract finished down 6 per cent.

Oil prices plummeted more than 3 per cent on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target.

Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day.

At least 3,000 barrels of crude oil have been spilled in an Amazonian region after leaks from Peru's main oil pipeline, the state oil company said.

The minister of finance has sought the opinion of the ministry of energy on how to revise prices of petroleum downwards.

The oil price falls below $28 a barrel amid fears the lifting of Western sanctions on Iran could worsen the existing oversupply problem.

Oil has continued its rollercoaster ride into the new year, with Brent crude falling below $35 a barrel for the first time in 11 years.