Oil prices hit a downward spiral during the week ending Nov. 3 over demand constraints in the US and China, the world's largest and second-largest oil consumers, respectively.
International benchmark Brent crude traded at $80.93 per barrel at 2.57 p.m. local time (1157 GMT) on Friday, falling by around 4.66% relative to the closing price of $84.89 a barrel on Friday last week.
West Texas Intermediate (WTI), the American benchmark, was trading at $76.62 a barrel at the same time on Friday, down almost 4.83% from last Friday's session, which closed at $80.51 per barrel.
Oil markets started the week with price upswings based on Saudi Arabia's decision on Sunday to prolong the voluntary additional oil production cut of 1 million barrels per day (bpd), which was implemented in July, until the end of the year.
The country's oil production is predicted to reach 9 million barrels by December of this year with this latest cut decision, which comes after a 500,000 barrel reduction until December 2024.
The Russian Energy Ministry's announcement on Friday of a fall in the country's exports of oil and oil products by more than 300,000 bpd in November compared to the average for the May-June period also supported price rises.
The country had already reduced its oil production by 500,000 barrels per day in April and oil exports by 300,000 barrels per day in September.
On Tuesday, however, oil extended price declines as China's customs office reported a year-over-year drop of 6.4% in the country's exports to $274.8 billion, marking the sixth straight month of export declines from China.
Later on Tuesday, the American Petroleum Institute's (API) announcement of an estimated rise in US crude oil stockpiles of 11.9 million barrels, against the market expectation of a decline of 300,000 barrels, indicated a fall in the world's biggest oil-consuming country's oil demand, driving prices down.
Prices were mixed on Wednesday after traders took advantage of profit-taking from Tuesday's low prices over demand fears in the world's largest consumers, the US and China.
Late Wednesday, both benchmarks fell more than 2.5%. Brent crude traded at $79.20 per barrel and WTI crude at $74.91, their lowest levels since July 21.
Oil prices rebounded in early trade on Thursday due to moderate investor profit-taking and supply risks from the escalating tension between Israel and Palestine.
The Israeli-Palestinian conflict's intensification has raised supply concerns, which are continuing to pressure prices and carry a risk of destabilizing the region and sabotaging oil supply routes.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr