Oil prices increased on Friday during very volatile market trading during the week ending June 24 on supply worries and amid supply and demand uncertainty.
Brent crude was trading at $111.93 per barrel at 1216 GMT on Friday, posting a 1.71% loss from the Monday session that opened at $113.88 a barrel.
American benchmark West Texas Intermediate (WTI) registered at $106.22 per barrel at the same time on Friday, decreasing 2.52% relative to the opening price of $108.97 a barrel on Monday.
Oil prices started the week on Monday clawing back some of the previous week's losses on supply fears motivated by Libya’s announcement of a dramatic drop in oil output.
The upward price movement continued on Tuesday and oil prices edged higher due to supply concerns amid ongoing tension between Russia and Ukraine and the unfolding sanctions on Russian fossil fuels, with EU countries now seeking alternative energy sources.
However, fears of a global recession dampened the upward trajectory.
Brent crude regressed to a low of $107.03 a barrel on Wednesday when global markets weighed the possibility of a federal holiday on fuel tax by the US Administration amid the backdrop of global economic recession concerns. Meanwhile, WTI crude also lost gains and plummeted to $101.58 per barrel on Wednesday after surging to $112.47 per barrel the previous day.
Oil prices continued their descent on Thursday amid concerns that a possible recession could lower fuel demand.
By Firdevs Yuksel