Crude prices were trading with a slight fall on Monday with concerns over a second virus wave and likely oversupply risks.
International benchmark Brent crude was trading at $40.29 per barrel at 0632 relative to trade on Friday at 1200 GMT at $41.23 per barrel.
American benchmark West Texas Intermediate was at $37.77 per barrel on Monday at the same time compared to $38.61 a barrel at 1200 GMT on Friday.
Crude oil prices were heading Friday for almost a full recovery from losses earlier in the week, thanks to rising oil demand around the world. Both benchmarks plummeted more than 5% last Wednesday as US crude oil production posted its first weekly increase after thirteen consecutive weeks of declines.
However, the recent spike in new COVID-19 cases in different parts of the world, which is ensuring further quarantine measures are put in place, is lowering crude production, causing a fall in demand as well as raising oversupply concerns.
The latest data released by oilfield services company Baker Hughes on Friday shows the US oil rig count has declined for the fifteenth consecutive week. The number of oil rigs, an indicator of short-term production in the country, fell by 1 to reach 188 for the week ending June 26, from 189 the previous week. Over the past 15 weeks, the decline in US oil rig count totaled 495, the data showed.
By Gulsen Cagatay