Crude oil prices saw a slight increase on Friday afternoon supported by the new decision of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers to ease the existing crude oil production cut by 2 million barrels per day (bpd).
However, rises in novel coronavirus (COVID-19) cases throughout the world are sustaining weak global demand, which in turn is lowering oil prices.
International benchmark Brent crude was trading at $43.38 at 1325 GMT on Friday, posting a 1.16% rise from trade on Monday at 0640 GMT when it traded at $42.88 per barrel.
American benchmark West Texas Intermediate traded at $40.87 at the same time on Friday relative to $40.20 a barrel on Monday.
The group known as OPEC+ agreed Wednesday to ease its crude production cut to 7.7 million bpd starting from August, from the existing level of 9.7 million bpd.
The decision is perceived as a positive signal for global oil markets despite the second wave of coronavirus (COVID-19) cases.
By Gulsen Cagatay