International Benchmark Brent crude traded at $79.54 per barrel at 15.17 GMT+3 on Friday, while American benchmark West Texas Intermediate (WTI) saw prices of $69.06 per barrel.
Brent crude traded at $78.14 per barrel at 06.43 GMT on Monday, while WTI saw prices of $70.86 per barrel.
Brent oil price started with a slight fall on Monday. The fall in the Brent price is driven by an uptick in the U.S. oil rig count last week. The number of oil rigs in the country increased by seven for the week ending Sept. 14, according to oilfield services company Baker Hughes data last Friday.
Crude oil production in the U.S. last week increased for the 30th time in the past 36 weeks, according to data released by the Energy Information Administration (EIA) on Wednesday.
Production of crude oil for the week ending Sept. 14 rose by 118,000 barrels per day (bpd) to 10.97 million bpd, the EIA data showed. Crude oil output increased by 18,000 bpd in the state of Alaska, while it rose by 100,000 bpd in other states.
Commercial crude oil inventories decreased by 2.1 million barrels, or 0.5 percent, to 394.1 million barrels for the week ending Sept. 14, the administration's data showed.
Despite the upcoming U.S. sanctions against Iran in November, international oil prices decreased amid the concerns that the U.S. is poised to impose additional trade tariffs on China
US$1 equals 6.28 Turkish liras.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr