Crude oil prices saw slight weekly gains on Friday having experienced major fluctuations during the week ending Nov. 22 when expectations emerged of OPEC extending its output cut to push prices higher while the Sino-American trade impasse brought prices down.
The price of Brent crude was at $63.84 per barrel at 1200 GMT on Friday for a 0.75% weekly gain after it opened Monday at $63.36 a barrel.
Having hit as low as $60.30 per barrel early Wednesday, the international benchmark gained 2.45% in Wednesday's intraday trading, and another 2.52% on Thursday to climb to $64.03 per barrel, marking its highest level since Sept. 24, according to official figures.
West Texas Intermediate was at $58.30 a barrel at the same time on Friday for a 0.36% weekly increase after it started Monday at $58.09 per barrel.
The American benchmark hit a low during Tuesday's trading at $55.04 but rose 3.44% on Wednesday, and added another 2.57% gain on Thursday climbing to $58.67 a barrel -- its highest level since Sept. 23.
OPEC and its allies, including Russia, are expected to extend their production cut agreement when they meet for their semi-annual ministerial meeting in Vienna on Dec. 5-6.
The group, dubbed as OPEC+, agreed in December 2018 to lower their total oil production by 1.2 million barrels per day for the first half of 2019 and later extended this until the end of March 2020.
Although OPEC+ is widely anticipated to extend its agreement to support prices, a surprise decision to make deeper cuts in the group's current output level could push oil prices higher.
Global oil demand, on the other hand, is under pressure from the U.S.-China trade war that rolls into its 19th month, as the world's two largest economies and oil consumers are yet to agree phase one of their bilateral trade agreement.
On Tuesday, U.S. President Donald Trump threatened to increase the rate of tariffs on Beijing if the two sides fail to make a deal. On Wednesday, to put further pressure on China, Trump accused the country of 'not stepping up to the level' the U.S. wants on the initial phase one deal.
In response, Chinese President Xi Jinping said early Friday that his country wants to 'work for' a phase one deal, but added Beijing could 'fight back.'
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr