The West Texas Intermediate for August delivery lost 1.14 U.S. dollars to settle at 72.91 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 1.5 dollars to close at 74.68 dollars a barrel on the London ICE Futures Exchange.
For the week ending Friday, the U.S. crude benchmark surged 3.9 percent, while Brent climbed 3.6 percent, based on the front-month contracts.
"Demand appears very strong regardless of the mobility restrictions (some of which have been reintroduced) because of Covid-19," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.
Traders awaited a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies on crude production levels. The group, collectively known as OPEC+, is slated to meet via videoconference on July 1.
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