Oil prices started the week over $85 per barrel, on Thursday the prices fell to $83.28 per barrel with the help of unexpected build in US crude oil inventories.
International benchmark Brent crude traded at $83.28 at 1226 GMT on Friday, it was around $85.99 on Monday.
American benchmark West Texas Intermediate (WTI) traded at $82.17 at the same time on Friday, increasing over 1.28% relative to $83.76 a barrel on Monday.
Price of Brent oil rose over $85 a barrel on week beginning as investors concern that a shortfall of supply will further increase oil demand after industries started favoring oil use in power production over natural gas.
Oil prices dropped on Thursday after record-high price rallies as an unexpected build in US crude oil inventories signaled declining demand in the world’s largest oil-consuming country.
A surprise build in the US crude oil inventories, indicating a fall in demand, spurred Thursday’s price slump.
US commercial crude oil inventories increased by 4.3 million barrels to 430.8 million barrels, higher than the market expectation of a 1.65 million-barrel rise, according to the latest data released by the Energy Information Administration (EIA).
By Gulsen Cagatay