Global oil prices continued to decline during last week's trading, with Brent crude recording a decline of about 3.8%, while US crude prices fell by about 3.7%.
The weekly oil losses came despite the rise in crude prices at the end of the trading week, the day before yesterday, as the price increases failed to erase all of the previous crude losses during the week.
Oil futures rose at the settlement of Friday's session, with the evaluation of the invitation of Saudi Arabia and Russia, members of OPEC Plus, to join an agreement on voluntary production cuts.
Upon settlement, futures contracts for standard Brent crude for February delivery rose by about 2.4%, equivalent to $1.79 at $75.84 per barrel, recording weekly losses of 3.85%, and continuing its downward trend for the second week in a row.
The price of US Nymex crude for January delivery increased by 2.75%, or $1.89, to $71.23, but it declined last week by about 3.7%, extending its series of losses to the seventh week in a row.
