International Benchmark Brent crude traded at $71.90 per barrel at 15.11 GMT+2 while American benchmark West Texas Intermediate (WTI) saw prices of $67 per barrel on Friday.
Brent crude decreased to $67.41 per barrel at 08.03 GMT+3 at the beginning of the week on Monday as trade tensions between the U.S. and China escalate and also amid mounting concerns over the Syrian crisis.
President Donald Trump's order to U.S. Trade Representatives (USTR) to consider imposing $100 billion in additional tariffs on Chinese products last Thursday triggered fears of a bigger trade dispute between the two countries, causing a downward trend in stock markets.
On Tuesday, the price of Brent crude hit its highest level since December 2014, as rising tensions in the Middle East continue to threaten supply security in the region. Brent climbed to as high as $71.33 per barrel at 1455 EST (18.55 GMT) on Tuesday, marking its highest level since Dec. 3, 2014, according to official data.
American benchmark West Texas Intermediate (WTI) also rose to as much as $65.86 a barrel at 1515 EST (19.15 GMT) -- its highest level since March 27.
Tensions in the Middle East increased after Trump threatened Russia with the possibility of U.S. missiles in retaliation for supporting the Assad regime in Syria after the release of chemical weapons. On Twitter he wrote; 'Russia vows to shoot down any and all missiles fired at Syria. Get ready Russia, because they will be coming, nice and new and 'smart!''
In the meantime, OPEC and IEA released their monthly reports.
OPEC and non-OPEC producers deepened their cuts to 2.4 million barrels per day (mb/d) and supported the easing of global oil supply by 120 thousand barrel per day (b/d) in March, to 97.8 million barrels per day (mb/d), the International Energy Agency (IEA) report said Friday.
According to March's Oil Market Report, global oil demand growth for 2018 is unchanged from last month’s report at 1.5 (mb/d).
'Output was nevertheless 1.4 mb/d higher than a year ago mainly due to higher U.S. production. Non-OPEC supply is set to grow by 1.8 mb/d in 2018,' the report indicates.
In addition, OPEC crude production in March decreased by 201 thousand barrels per day (b/d) to average 31.96 (mb/d), according to secondary sources of OPEC's data on Thursday.
Global oil supply in March increased by 0.18 mb/d month-on-month (m-o-m), to average 98.15 mb/d, representing an increase of 2.15 mb/d year-on-year (y-o-y), according to OPEC's monthly oil market data.
In addition, preliminary non-OPEC oil supply, including OPEC Natural Gas Liquids (NGLs), was up 0.38 mb/d m-o-m, and rose by 2.12 mb/d y-o-y to average 66.20 mb/d.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr