After experiencing four-week gains, West Texas Intermediate (WTI) price for November delivery and Brent oil price for December delivery lost 4.03 percent and 4.43 percent, respectively, during the week ending Oct. 12, the biggest weekly loss in six months.
In the previous week ending Oct. 5, WTI and Brent increased by 1.5 percent and 1.7 percent, respectively and WTI and Brent settled at 74.34 U.S. dollars and 84.16 dollars per barrel, respectively, at the end of the week.
On Tuesday, the major benchmarks continued their gains. WTI grew 0.67 dollar to settle at 74.96 dollars a barrel and Brent advanced 1.09 dollars to 85 dollars per barrel.
However, oil prices at four-year highs had triggered concerns over demand as U.S. President Donald Trump blamed OPEC for rising gasoline prices for American consumers.
Moreover, the International Monetary Fund (IMF) earlier last week cut the forecast of world economic growth from 3.9 percent to 3.7 percent for 2018 and 2019.
On Wednesday and Thursday, crude oil prices fell along with the stock market while Trump had strong words for countries that ignore U.S. oil sanctions. WTI fell 1.79 U.S. dollars and 2.2 dollars per barrel in the two-day trading sessions, while Brent lost 1.91 dollars and 2.83 dollars per barrel in the same period.
Analysts pointed out that the weekly petroleum data released by the U.S. Energy Information Administration (EIA) is one of factors to pressure crude oil prices.
According to the EIA report released on Thursday, U.S. commercial crude oil stockpiles increased by 5.98 million barrels in the week ending Oct. 5 and total petroleum stockpiles in the country jumped 11.3 million barrels week on week, meaning there's a plentiful supply.
On Friday, International Energy Agency (IEA) cut global oil demand growth in 2018 and 2019 by 110,000 barrels per day, respectively, citing acute economic damage in many developing countries as well as risk from trade disputes.
WTI picked up 0.37 dollar to settle at 71.34 dollars a barrel and Brent gained 0.17 dollars to 80.43 dollars per barrel at end of the week.
In the upcoming weeks, oil market will watch closely on potential disruptions to global crude supplies as looming U.S. sanctions on Iran are widely expected to lead to a tighter market.
Meanwhile, the market will also focus on the news of any meeting between officials from China and the United States aiming at seeking solution to the ongoing trade tensions.
In the previous week ending Oct. 5, WTI and Brent increased by 1.5 percent and 1.7 percent, respectively and WTI and Brent settled at 74.34 U.S. dollars and 84.16 dollars per barrel, respectively, at the end of the week.
On Tuesday, the major benchmarks continued their gains. WTI grew 0.67 dollar to settle at 74.96 dollars a barrel and Brent advanced 1.09 dollars to 85 dollars per barrel.
However, oil prices at four-year highs had triggered concerns over demand as U.S. President Donald Trump blamed OPEC for rising gasoline prices for American consumers.
Moreover, the International Monetary Fund (IMF) earlier last week cut the forecast of world economic growth from 3.9 percent to 3.7 percent for 2018 and 2019.
On Wednesday and Thursday, crude oil prices fell along with the stock market while Trump had strong words for countries that ignore U.S. oil sanctions. WTI fell 1.79 U.S. dollars and 2.2 dollars per barrel in the two-day trading sessions, while Brent lost 1.91 dollars and 2.83 dollars per barrel in the same period.
Analysts pointed out that the weekly petroleum data released by the U.S. Energy Information Administration (EIA) is one of factors to pressure crude oil prices.
According to the EIA report released on Thursday, U.S. commercial crude oil stockpiles increased by 5.98 million barrels in the week ending Oct. 5 and total petroleum stockpiles in the country jumped 11.3 million barrels week on week, meaning there's a plentiful supply.
On Friday, International Energy Agency (IEA) cut global oil demand growth in 2018 and 2019 by 110,000 barrels per day, respectively, citing acute economic damage in many developing countries as well as risk from trade disputes.
WTI picked up 0.37 dollar to settle at 71.34 dollars a barrel and Brent gained 0.17 dollars to 80.43 dollars per barrel at end of the week.
In the upcoming weeks, oil market will watch closely on potential disruptions to global crude supplies as looming U.S. sanctions on Iran are widely expected to lead to a tighter market.
Meanwhile, the market will also focus on the news of any meeting between officials from China and the United States aiming at seeking solution to the ongoing trade tensions.
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