Oil prices decreased at about 2% during the week ending April 23 over resurgence in coronavirus cases in EU, India and Japan which continues to threaten the global oil demand recovery.
International benchmark Brent crude traded at $65.21 at 1235 GMT on Friday, posting a 1.9% decrease from Monday when trade at 0707 GMT registered at $66.48 per barrel.
American benchmark West Texas Intermediate (WTI) traded at $61.30 at the same time on Friday, declining 2.6% relative to $62.95 a barrel on Monday.
The prices started the week on a negative note due to investor jitters over the recent increase in coronavirus cases across the European continent and India to further dent energy demand.
The decline in the prices further supported by a surprise build in US crude oil inventories by midweek. US commercial crude oil inventories increased by 0.1% for the week ending April 16, according to the Energy Information Administration (EIA).
The increase in commercial crude oil stocks in the US, the world's largest oil consumer, signaled a fall in oil demand and exerted downward pressure on oil prices.
Concerns over the rise in new coronavirus variant cases in Japan, the world's third-largest oil importer, and India, the world's third-largest oil consumer, also negatively affected the prices.
India registered fresh all-time highs Friday for coronavirus cases and deaths in the past 24 hours when 332,730 new cases were recorded and the death toll reached 186,920, including 2,263 new fatalities.
Meanwhile, Japan is set to declare a state of emergency in some parts of the country including Tokyo, Osaka, Kyoto, and Hyogo, between April 25 and May 11, which is expected to affect nearly 25% of the country's population.
Markets are now focused on the upcoming meeting in May of the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+ when major oil producers will discuss their production quotas.
During the previous meeting on April 1, the group decided to increase their production by 2.1 million barrels per day (bpd) until the end of July, incrementally easing the current production cut of 7.9 million bpd.
By Ebru Sengul Cevrioglu