Oil prices saw a modest fall on Friday afternoon with expectations of weak global oil consumption due to the possibility of a second coronavirus (COVID-19) wave in the US.
Crude oil prices were up on Monday as the Organization of Petroleum Exporting Countries (OPEC) and its allies agreed on Saturday to extend their current crude production cut agreement for an additional month.
International benchmark Brent crude traded at $38.87 per barrel at 1220 GMT on Friday after closing Monday at $40.80 a barrel.
American benchmark West Texas Intermediate was at $36.52 a barrel at the same time after ending Monday at $38.19 per barrel.
The 23-nation group known as OPEC+ will extend its total crude production curb of 9.7 million barrels per day (bpd) for a month beyond the expiry date of June 30 to July 31 to bring balance to the market and boost prices.
The oil rig count, an indicator of short-term production in the country, has declined for the twelfth consecutive week, according to the latest data released by oilfield services company Baker Hughes on Saturday.
The number of oil rigs fell by 16 and numbered 206 for the week ending June 5.
By Gulsen Cagatay