Crude oil prices were down by around 0.21% at trading start on Monday with the easing of tensions in the Middle East resulting in more supply security from the region.
International benchmark Brent crude traded at $64.95 per barrel at 08.44 GMT while American benchmark West Texas Intermediate traded at $59.09 a barrel at the same.
Crude oil prices saw a more than 5% weekly decline on Friday losing gains made during the week ending Jan. 10 with the easing of U.S.-Iran tension in the Middle East.
Home to almost half of the world's proved oil reserves and one-third of global oil production, secure supply from the Middle East was perceived riskier by investors after the U.S. confirmed on Jan. 2 that it carried out a strike that killed Qasem Soleimani, the commander of the Iranian Revolutionary Guards Corps’ Quds Force, in Iraq.
U.S. President Donald Trump's remarks further escalated the tension on Sunday Jan. 5 as he wrote on Twitter '... Should Iran strike any U.S. person or target, the United States will quickly & fully strike back, & perhaps in a disproportionate manner.'
However, the number of oil rigs, an indicator of short-term production, decreased by 11 to reach 659 for the week ending Jan. 10 from 670 the previous week. According to the data, this marked the third consecutive weekly decline in the oil rig count that supports an upward price trend.
By Gulsen Cagatay