International Benchmark Brent crude traded at $77.86 per barrel at 14.46 GMT, while American benchmark West Texas Intermediate (WTI) saw prices of $70.03 per barrel on Friday.
Brent crude traded at $75.62 per barrel at 07.38 GMT on Monday while the American benchmark West Texas Intermediate (WTI) saw prices of $68.59 per barrel.
Brent crude and WTI started the week with a limited uptick in prices amid the fall in the U.S. oil rig count and concerns over oil supplies in Venezuela, Iran and Africa.
Moreover, with the weekly decline in the U.S. crude oil inventories, crude prices in the global market showed gains. According to the U.S. Energy Information Administration (EIA), the country’s crude oil inventories fell by 2.6 million barrels to 405.8 million barrels for the week ending Aug. 24, while the market expectation for the inventories was a decline of 0.7 million barrels.
Experts contend that despite risks of global supply shortages as a result of U.S. sanctions on oil producer Iran, the weakened outlook for global oil demand growth resulting from trade disputes between the U.S. and China are keeping oil prices from rising further.
By Firdevs Yuksel