International benchmark Brent crude traded at $72.57 per barrel at 08.07 GMT on Monday while the American benchmark West Texas Intermediate (WTI) saw prices of $67.44 per barrel.
Brent crude traded at $73.35 per barrel at 11.55 GMT on Friday while American benchmark WTI saw prices of $68.94 per barrel.
Experts contend that escalating trade tensions between the world’s largest economies - the U.S. and China, and particularly with demand cooling in Asia, resulted in the denting of global oil demand.
However, the risks of a global supply shortages as a result of U.S. sanctions on oil producer Iran, is keeping oil prices from falling further.
Last week was also marked the most oil rigs added in the U.S. since May. The increase in the oil rig count by 10 to 869 last week, as per oilfield services company Baker Hughes data released Friday also contributed to keeping prices for dropping further.
Markets will also be closely awaiting OPEC's release of its monthly oil report on Monday.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr