International crude benchmark Brent increased to $82.86 per barrel at 07.35 GMT on Monday, while American benchmark West Texas Intermediate (WTI) saw prices of $73.36 per barrel.
Brent oil traded at $81.70 per barrel at 13.16 GMT on Friday while WTI saw $72.09.
Brent crude reached its highest level on Friday since November 2014, rising 2.5 percent to $80.78, after closing at $78.80 the previous week.
On Sunday, Sept. 23, at the 10th Meeting of the Joint Ministerial Monitoring Committee in Algeria, OPEC and Russia agreed not to change their production levels. As a result, some supply concerns arose on the global market pushing crude prices higher last week with Brent climbing to almost $81 a barrel last Monday, Sept. 24 -- what was its highest level since November 2014.
OPEC and non-OPEC oil producers had decided in June to boost crude production by around 1 million barrels per day (bpd) in an attempt to push oil prices higher, and keep global supply steady, especially amid declining output from Venezuela and the possibility that Iranian exports could diminish due to U.S. sanctions.
Experts believe that due to the political tension between Iran and U.S. over promised sanctions in November and production concerns in Venezuela and Iran, Brent oil could reach $84 a barrel this year and $95 per barrel in 2019. They expect that WTI could hit $85 a barrel next year.
US$1 equals 6 Turkish liras.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr