Oil prices declined by more than 4% during the week ending Sept. 23, as recession fears fueled global demand worries.
International benchmark Brent crude traded at $87.73 per barrel at 01.54 p.m. local time (1054 GMT) for a 4.04% decrease from Monday's opening price of $91.43 a barrel.
American benchmark West Texas Intermediate (WTI), trading at $80.63 per barrel at the same time, lost 5.37% after the previous session closed at $85.21 a barrel.
Oil prices fell during the week triggered by concerns arising from fears of a global economic recession coupled with the rising value of the US dollar.
The start of the week saw a slight price decline on looming demand fears ahead of expected interest rate hikes by major economies.
Prices rebounded on Tuesday from Monday's losses as supply disruptions, the Russia-Ukraine war and depleting spare capacity of oil-producing countries bolstered higher oil prices.
Both benchmarks reached their weekly highest levels on Wednesday at $93.50 and $86.68, respectively, on supply concerns triggered by declining prospects of an Iran deal, while an estimated increase in US crude oil inventories capped further price upticks
The EU's foreign policy chief Josep Borrell confirmed Tuesday that he did not expect a breakthrough in reviving the Iran nuclear deal this week.
Further spurring demand woes, data released by the Energy Information Administration (EIA) on Wednesday showed that US commercial crude oil inventories increased by 1.1 million barrels during the week ending Sept. 16 against the market expectation of a rise of around 2.32 million barrels.
Oil prices showed a slight uptick on Thursday on concerns over tight global supplies ahead of the winter months after declining on Friday with economic recession fears.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr