Oil prices decreased during the week ending April 9 as investors monitor the upcoming rise in supplies from major producers amid low fuel demand due to the Covid-19 pandemic.
International benchmark Brent crude traded at $62.82 at 1218 GMT on Friday, posting a 1.75% decrease from Monday when trade at 0714 GMT registered at $63.94 per barrel.
American benchmark West Texas Intermediate (WTI) traded at $59.43 at the same time on Friday, dropping 2.07% relative to $60.69 a barrel on Monday.
Oil prices started the week on a negative note due to demand concerns after millions of Christians celebrated the Easter holiday under strict coronavirus measures while at the same time markets reacted with confusion over the decision to ease output by OPEC+ on April 1.
However, strong economic data from the US and China, which fueled quicker economic recovery projections, boosted prices by midweek.
Oil prices came under pressure on Thursday after the US Energy Information Administration (EIA) announced that the country’s gasoline inventories rose by 4 million barrels, or 1.8%, during the week ending April 2.
Crude oil inventories, however, decreased by 3.5 million barrels, or 0.7%, for the same period, signaling low demand.
Prices closed the week with losses due to the impending rise in supplies from major producers amid low fuel demand due to the Covid-19 pandemic.
The markets are continuing to monitor developments in talks in Vienna on the revival of the 2015 Iran nuclear agreement. If intensified diplomatic efforts prove successful in returning the US to the landmark nuclear accord and in lifting Trump-era sanctions on Iran, there is a possibility that the country could send oil to the markets.
By Ebru Sengul Cevrioglu