International benchmark Brent crude traded at $53.22 per barrel at 11.57 GMT on Friday, while American benchmark West Texas Intermediate saw prices of $45.42 per barrel, with both benchmark prices showing decreases since Monday's opening.
An increase in global oil supplies and weakening global economic outlook, particularly for major economies, puts a downward pressure on oil prices while the OPEC+ output cut decision helps stabilize prices in the global markets.
Brent crude oil was up at the beginning of the week on Monday trading at $60.28 per barrel at 06.16 GMT while WTI cost $51.21 per barrel.
Crude oil prices recovered Wednesday from a three-day slump, as the rebound in U.S. stock markets shifted the sentiment among investors to optimism prior to the U.S. Federal Reserve's monetary policy decision.
Brent crude fell 5.9 percent on Tuesday to post losses for a third consecutive trading day, but gained 0.9 percent to trade at $56.60 per barrel at 0610 GMT on Wednesday.
WTI lost 6.5 percent on Tuesday, also falling for the third trading day in a row; however, the benchmark rebounded to trade at $46.79 a barrel at the same time -- a 0.3 percent gain for the day.
Crude oil prices began Thursday with a decline after the U.S. Federal Reserve signaled Wednesday that it would stay committed to tightening monetary policy in 2019, which led to stock market selloffs in major economies.
In the global oil market, a glut of supply remains strong with the U.S.' crude oil production remaining near a record high level of 11.6 million barrels per day for the week ending Dec. 14, according to the Energy Information Administration on Wednesday.
By Gulsen Cagatay