International Benchmark Brent crude traded at $80.33 per barrel at 06.25 GMT on Monday, while American benchmark West Texas Intermediate (WTI) saw prices of $72.03 per barrel.
Brent crude traded at $79.54 per barrel at 12.17 GMT on Friday, while American benchmark West Texas Intermediate was recorded as $69.06 a barrel at that time.
The Organization of the Petroleum Exporting Countries (OPEC) said 'Declining demand for OPEC crude is a result of strong non-OPEC supply in the 2017–2023 period, most notably from US tight oil,' in its long-term 'World Oil Outlook 2040' report published on Sunday.
According to the report, given strong U.S. and other non-OPEC medium-term supply growth, the implied demand for OPEC crude is estimated to decline from 32.6 mb/d in 2017 to 31.6 mb/d in 2023. However, it is projected to rise again to current levels in the latter half of the 2020s, when U.S. tight oil, and as a result, total non-OPEC supply peaks.
The rise in the Brent price is driven by a fall in the U.S. oil rig count last week. The number of oil rigs in the country decreased by one for the week ending Sept. 21, according to oilfield services company Baker Hughes data on Friday.
This brought the total number of oil rigs in the U.S. to 866, from 867 the week before.
Moreover, experts contend that the rise in oil prices also driven by OPEC's response to the U.S. President Donald Trump that the group would boost output only if customers requested it.
Last week, U.S. President Donald Trump asked the OPEC to decrease oil prices.
US$1 equals 6.36 Turkish liras.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr