International benchmark Brent crude traded at $61.12 per barrel at 1101 GMT on Friday, while American benchmark West Texas Intermediate was trading at $52.33 per barrel, with both benchmark prices remaining steady since Monday's opening prices.
Brent crude oil was up at the start the week on Monday, after the Organization of Petroleum Exporting Countries (OPEC) and its oil-producing allies agreed Friday to trim output by 1.2 million barrels per day (bpd).
Brent was trading at $62.06 per barrel with a 0.6 percent gain at 0610 GMT, after closing Friday at $61.67 a barrel, while WTI was up 0.3 percent at $52.55 a barrel.
Brent climbed to as high as $63.73 per barrel last Friday after OPEC said it would begin curbing its production by 800,000 bpd for six months beginning January 2019.
Crude oil prices were slightly up at opening on Tuesday as the U.S. and China's restart of trade talks provided optimism for investors who expect poor global economic growth and low overall oil demand next year.
Brent crude traded at $60.87 per barrel at 0635 GMT on Wednesday, after it closed Tuesday at $60.20 a barrel. WTI rose to $52.24 a barrel at the same time, after ending the previous day at $51.65 per barrel. Both benchmarks revealed a 1.1 percent daily gain during this period.
- Oil prices gain with easing US-China trade relations
Crude oil prices showed gains to begin Thursday with market optimism from warming relations between the U.S. and China and while crude oil inventories in the U.S. experienced declines.
Brent crude was trading at $60.48 per barrel at 0645 GMT Thursday with a daily gain of 0.5 percent, after it ended Wednesday at $60.15 a barrel.
WTI was recorded at $51.34 a barrel at the same time gaining 0.3 percent after it closed the previous day at $51.20 per barrel.
-OPEC and IEA reports
OPEC released its monthly oil report on Wednesday, which showed that global oil supply increased by 0.50 million barrels per day (mb/d) to average 100.64 mb/d in November 2018, compared with the previous month.
According to OPEC's oil market report, in November OPEC crude oil production decreased by 11 thousand barrels per day to average 32.97 mb/d, according to secondary sources.
Preliminary data for non-OPEC supply in November, including OPEC natural gas liquids (NGLs), rose by 0.44 mb/d month-on-month (m-o-m) to average 67.67 mb/d, higher year-on-year by 2.88 mb/d.
The share of OPEC crude oil in total global production declined by 0.2 percent to 32.8 percent in November compared with the previous month.
According to International Energy Agency (IEA) data on Thursday, global oil supply fell by 360 thousand barrels per day m-o-m in November to 101.1 mb/d.
OPEC crude oil output rose by 100 thousand b/d m-o-m to 33.03 mb/d in November as Saudi Arabia and the United Arab Emirates reached record high production, the IEA's Oil Market Report showed.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr