After the decision of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC + on Tuesday to extend its oil cut to March 2020, crude oil is seeking to rebalance and prices reached an average of $64.54 on Monday.
On Friday, oil registered at $64.88 at 05.58 GMT and American benchmark West Texas (WTI) Intermediate was trading at $57.46 at the same time, but recovered slightly at trading close on Friday to $57.71.
Crude oil prices were heading for a weekly loss on Friday due to concerns over the glut of oil supply in the global market and the possibility of oil demand worldwide remaining low this year.
The oil pact extension will see OPEC and Russia continue the curbing of their total oil production by 1.2 million barrels per day, although the market expected an increase to this level in order to rid market oversupply.
On the demand side, the trade conflict between the U.S. and China, the world's two largest oil consumers, continues to put pressure on the global economy and overall oil demand around the world.
On Thursday, oil prices fell despite elevated tensions in the Middle East that could disrupt supply routes and send prices higher. A supertanker was suspected of transporting crude oil to the Baniyas oil refinery in Syria, which under EU law would represent a breach of sanctions placed under the regime of Bashar al-Assad
On Wednesday, crude oil prices fell after lower-than-expected stock data was released from the U.S. Energy Information Administration (EIA) on Wednesday.
Commercial crude oil stocks fell by 1.1 million barrels, or 0.1%, to 468.5 million barrels for the week ending June 28, EIA data showed on Wednesday.
U.S. oil stock draws were below expectations of a drop of about 2.96 million barrels.
Furthermore, the number of U.S. oil rigs decreased by five this week, from the previous week, according to data released by oilfield services company Baker Hughes on Friday.
The oil rig count in the U.S. reached 788 for the week ending July 5, from 793 the week before, the data showed.
Following the data release, Brent closed Friday at $64.23 per barrel, marking a 1.46% increase over Thursday's closing price of $63.30.
This week, markets will closely watch the publication of monthly oil reports of the International Energy Agency and OPEC on Thursday and Friday, respectively.
By Gulsen Cagatay