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Crude oil rose Friday, a day after sliding almost $5 on reports that China would raise fuel prices, news services reported.

Light sweet crude futures rose $2.69 to close at $134.62 on the New York Mercantile Exchange, Bloomberg reported.

The price had slid $4.75 on Thursday, following China’s announcement that it would boost diesel prices by 16% and gasoline prices by 18%, the Associated Press reported.

Iraq said it would open up to more Western o companies, in an effort to boost its crude output, AP reported.

Oil may decline next week due to lower U.S. consumption and a scheduled meeting in Saudi Arabia this weekend of oil producers, Bloomberg reported.