Crude oil prices increased during the week ending Dec. 4 after OPEC+ countries agreed to ease oil cuts next year by more than market expectations.

International benchmark Brent crude traded at $49.23 at 1400 GMT on Friday, posting a 3.45% increase from Monday when traded at 0655 GMT registered at $47.59 per barrel.

American benchmark West Texas Intermediate (WTI) traded at $46.04 at the same time on Friday relative to $45.34 a barrel on Monday.

Starting the week at $47.59 a barrel, Brent oil fell slightly on Tuesday when it traded at $47.42 per barrel, but from Wednesday it began to increase with COVID-19 vaccine news and on hopes of an OPEC+ agreement for a production cut extension during Thursday's meeting.

The world's largest oil producers on Thursday agreed on the much-expected production policy by approving an incremental increase of 500,000 barrels per day (bpd) from January 2021 to balance oil markets struggling with a supply glut and weak demand.

The number of deaths worldwide from COVID-19 surpassed the 65.3 million mark on Friday, according to Johns Hopkins University. The US-based university has recorded 1.5 million deaths since the virus emerged in the Chinese city of Wuhan in December.

By Nuran Erkul Kaya

Anadolu Agency

energy@aa.com.tr