International crude benchmark Brent decreased to $80.59 per barrel at 1300GMT on Friday, while American benchmark West Texas Intermediate (WTI) saw prices of $71.50 per barrel.
Brent oil began trading at $83.39 per barrel at 0807GMT on Monday and WTI saw prices of $73.81.
On Wednesday, Brent hit $85.14 per barrel while WTI reached $72.59 due to the increasing worries that U.S. sanctions against Iranian oil exports will create supply shortages which Saudi Arabia and Russia could not fill by increasing their productions. Hurricane Michael also stoked fears of disruptions in oil transport and production in the U.S.
Last week, the oil production in the U.S hit a new record high, rising by 104,000 barrels per day (bpd) to reach 11.2 million bpd, the EIA data showed Thursday. Following the report, the oil prices retreated to $80.21 a barrel.
The figures marked the 33rd time crude oil production in the U.S. showed an increase in the past 39 weeks.
US$1 equals 5.99 Turkish liras.
By Zeynep Duyar Canlı
Anadolu Agency
energy@aa.com.tr