Crude oil prices saw gains during the week ending Nov. 13 over COVID-19 vaccine hopes and OPEC+ output cut extensions.
International benchmark Brent crude traded at $42.99 at 1210 GMT on Friday, posting a 6.23% increase from Monday when it traded at $40.47 per barrel at 0650 GMT.
American benchmark West Texas Intermediate (WTI) traded at $40.47 at the same time on Friday relative to $38.14 per barrel on Monday.
After starting the week on a positive note with the announcement of a successful vaccine by Pfizer and BioNTech, prices sustained their upward trend to mid-week when prices reached two-month highs of over $45 per barrel.
Prices were further supported when OPEC+ signaled an extension of its oil production cut through 2021. Saudi Arabia and Iraq affirmed commitment to the OPEC+ agreement through a joint statement late Tuesday by Saudi Arabia's Energy Minister Abdulaziz bin Salman and Iraqi Prime Minister Mustafa al-Kadhimi.
However, prices came under pressure on Friday following crude oil supply data released by the US Energy Information Administration (EIA) late Thursday. According to the EIA, inventories rose by 4.3 million barrels to 488.7 million barrels against the market expectation of a 913,000-barrel reduction for the week ending Nov. 6.
Lingering concerns over global demand also ramped up price pressure due to a resurgence of COVID-19 cases worldwide. On Thursday, US-based Johns Hopkins University reported nearly 12.5 million cases across Europe, out of which more than 300,000 people died.
While the UK alone reported more than 30,000 new cases in the past 24 hours in a record single-day rise since the start of the pandemic months ago, California has become the second US state after Texas to surpass 1 million coronavirus cases.
By Ebru Sengul Cevrioglu